Get ready to give away more of your money as 2017 is certain to include new rate hikes for Obamacare.
Early indicators show that individual insurance premiums could rise by as much as one-third. For example, in Oregon, Moda Health Plan wants to raise premiums by 32.3 percent. In Virginia, five of the biggest insurers are asking for increases of 9.4 percent to 37.1 percent for individual policies.
The proposed rate hikes follow an average increase of 8 percent for 2016. The hikes are a result of higher pharmaceutical costs and sicker-than-expected patients. On Wednesday, the health insurer Humana (HUM) said it may exit some state Obamacare insurance exchanges “to retain a viable product.”
The same was done by UnitedHealth Group earlier this year. The massive insurer pulled back from selling insurance plans through Obamacare in most of the states where it had offered its services.
Many Americans are complaining about not be able to find plans that fit the “affordable” description of the Affordable Care Act (Obamacare). Almost six out of 10 people who visited an Obamacare marketplace, but didn’t enroll, said it was because they couldn’t find a plan they could afford, according to a survey published last year by the Commonwealth Fund.