Ohio officials said late Thursday that health insurance costs will increase “significantly” under the Patient Protection and Affordable Care Act.
The state’s department of insurance estimated the average individual premium will increase from $223 per month to $420 — an average of 88 percent — for policies under President Obama’s health care law.
A total of 14 carriers filed proposed rates for 214 different plans to the department for the newly formed exchange. Projected costs from the companies for providing coverage for the required essential health benefits ranged from $282.51 to $577.40 for individual health insurance plans, officials said.
Subsidies not included…
The analysis didn’t take into account the impact that government subsidies may have on what Ohioans could pay.
The federal government is running Ohio’s exchange, as the state chose not to run its own.
Ohio is among the first states to say PPACA will cause significant price hikes. Last month, California released its sample rates, touting the fact that premiums will be lower-than-expected under PPACA. For the most part, California’s rates emerged as less expensive than expected, with supporters of the law claiming it was a “home run” for consumers. Some critics, though, called out Covered California, the agency tasked with setting up the exchange, for making an apples-to-oranges comparison.
I’ve mean’t to do some posting on the CA rates. Two Forbes columnists have been battling it out with good information from each. My initial interpretation is the small group rates came in better than expected and individual rates are higher than they presently are.