The Obamacare policy writers made a big economic flaw that will cost Hoosiers more money buying health insurance.
A lot of political static from Obamacare supporters distorts pure economics of this bill and how it was SUPPOSED to work. In a nation of 330 million people, it is impossible to centralize purchasing power. Indiana health insurance companies are now reporting why these rates are going up via Indiana Business Journal:
Hoosiers buying health insurance on the Obamacare marketplace will pay an average of nearly $500 a month in premiums next year, a sharp rise over current rates.
The Indiana Department of Insurance on Thursday posted new, approved rates on its web site, showing the average premiums from the only two insurers left on the exchange.
CareSource Indiana will charge an average premium of $497.59 a month, representing an increase of 20 percent.
Celtic Insurance Co./MHS will charge slightly less, an average premium of $496 a month, representing an increase of 35.7 percent.
People without employer-sponsored health care or other coverage can sign upon on Healthcare.gov during the open-enrollment period, which runs from Nov. 1 to Dec. 15. Coverage starts Jan. 1.
Numerous studies have shown that the Obamacare exchanges have signed up fewer young, healthy people than expected, meaning that they are disproportionately filled with older, sicker people with more expensive health needs. That has caused many insurers to increase rates sharply to cover high medical costs, or to flee the exchanges altogether.
Read the rest here via Indiana Economic Journal