Horizon, AmeriHealth raise NJ Obamacare prices after Trump moves
Both
"The federal government's actions will drive costs higher and create additional uncertainty, making a volatile situation even worse," said
The two insurance companies, along with a new player,
More: Trump's health care order: Can it make NJ insurance cheaper?
More: Medicare enrollment starts: Here's what you should do
It was the first indication of the financial impact of Trump's bid to unravel the Patient Protection and Affordable Care Act, commonly called Obamacare, which was designed to cover almost all Americans and slow down the cost of health care.
The individual market covers about 240,000 New Jerseyans, or 4 percent of consumers. It is open to consumers not insured by their employer, Medicare or Medicaid.
Getting people covered in the individual market has proven to be a headache. It included two sets of subsidies to try to make plans more affordable: Consumers are eligible for subsidies to help pay for premiums; and lower-income consumers are eligible for subsidies to help pay out-of-pocket costs.
Trump has made its repeal and replacement a priority. While legislation stalled, he took action to chip away. He weakened enforcement of the requirement that nearly all Americans have insurance or pay a penalty; and he stopped reimbursing insurers for the subsidies they provided low-income consumers.
Horizon said it increased premiums from 16 percent to 28 percent, with the goal of breaking even. Without the Trump administration's steps, the average increase would have been 9.6 percent, it said.
More: Fewer in NJ have no health insurance; will it last?
More: Oscar plan comes back to NJ Obamacare for 2018
AmeriHealth New Jersey said its average rate increase of 17.1 percent was "based on many uncertainties in the individual market."
The uncertainty isn't over.
But even if the bill passes, it isn't clear if the
Open enrollment is scheduled to begin
Rates released Tuesday showed a middle-of-the-road silver plan will cost on average
Consumers in the individual market might be shielded from the full price increase. In
___
(c)2017 the Asbury Park Press (Neptune, N.J.)
Visit the Asbury Park Press (Neptune, N.J.) at www.app.com
Distributed by Tribune Content Agency, LLC.
Insurance Industry in Zimbabwe – Key Trends and Opportunities to 2021 – Research and Markets
Large Health Insurance Provider Uses Attunity Replicate on Subscription Basis to Enable Strategic Data Center Consolidation
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News