Washingtonians soon may be hit with more proof of Obamacare’s failures. Health insurance companies that sell individual policies in our state are seeking to increase their rates by an average of 13.5 percent in 2017. To be exact, companies’ rate increase requests range from 9.5 percent by Group Health Cooperative to 20 percent by Premera.
The new rate requests are under review by the state insurance commissioner’s office.
According to Commissioner Mike Kreidler, “larger than usual rate hike requests show the individual insurance market is still being developed.” The reality is that “insurance companies are losing money selling to individuals and rate increases could have been requested last year.”
Kreidler attempted to offer a glimpse of optimism about President Obama’s signature legislation. Apparently, “people who can’t afford the higher rates will also benefit from an increase in government subsidies.”
That shouldn’t make the middle class feel any better — they are the ones paying for the “increase in government subsidies” to cover Obamacare’s failures.
The bad news follows the announcement that two of the state’s health insurance companies participating in the state’s Obamacare exchange (Moda and United Healthcare) are dropping out of the market of selling insurance to individuals and families statewide.