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Wisconsin individual insurance premiums to soar under Obamacare, says OCI

By   /   September 3, 2013  /   2 Comments

By Ryan Ekvall | Wisconsin Reporter

MADISON — Health insurance premiums on the individual marketplace could rise as much as 88 percent for some Wisconsinites under the Affordable Care Act, , according to an Office of the Commissioner of Insurance comparison of premiums pre- and post-implementation of the new federal health exchanges.

According to the news release, the increase in premium costs for a plan with a $2,000 deductible that includes drug coverage in the individual insurance market ranges from 15 percent for a 40-year-old living in Kenosha to 73 percent for a 40-year-old living in Madison.

The health insurance premium for a 21-year-old living in La Crosse jumps 88 percent, according to OCI.

THE DATA: Health insurance premiums on the individual marketplace will soar in Wisconsin under Obamacare, according to the Office of the Commissioner of Insurance.

THE DATA: Health insurance premiums on the individual marketplace will soar in Wisconsin under Obamacare, according to the Office of the Commissioner of Insurance.

“(F)rom our analysis, it appears premiums will increase for most consumers,” Commissioner Ted Nickel said in a statement. “And, while there is no question that some consumers will have subsidies and may not pay these higher rates, someone will pay for the increased premiums whether it is the consumer or the federal government.”

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RISING COSTS? Premiums for health insurance in the individual market in Wisconsin could soar by as much as 88 percent, according to the state Office of the Commissioner of Insurance.

And by federal government, Nickel means taxpayer.

A recent Kaiser Family Foundation study found that about half of people who buy health insurance on the individual market will be eligible for taxpayer-funded subsidies under Obamacare.

According to that study, the average subsidy would cover 32 percent of the Obamacare premiums on the individual marketplace. That means, according to the OCI comparison, most people would pay more for health insurance on the individual market under Obamacare even after receiving tax credits.

The Kaiser Family Foundation notes 316,000, or 6 percent, of Wisconsinites purchase health insurance through the individual market.

The Office of the Commissioner of Insurance could not immediately be reached for comment.

The progressive, nonprofit Citizen Action of Wisconsin, a supporter of the federal healthcare overhaul, claims OCI is “misleading the public” on health insurance costs.

Robert Kraig, executive director of Citizen Action, said OCI’s rate comparison does not take into account the quality of plans that were compared or the intrinsic value of banning denial of health insurance to consumers with pre-existing conditions under Obamacare.

Consumers in Wisconsin are expected to be able to shop for insurance under the federal exchanges, beginning Oct. 1.

Contact Ryan Ekvall at rekvall@wisconsinreporter.com or find him on Twitter @Nockian.

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  • scanman

    Before everyone starts putting the blame on Governor Walker for Obama Care premium increases (yes, there will be those idiots) remember it’s just not Wisconsin premiums that are going to rise – everyone’s are (tax payer’s that is!) Hence the reason Obama got re-elected – the tax payer’s are out numbered by those on the dole!

  • Mitt R

    Agreed – And this is the start of the ultimate plan, single payer. Wonder how many insurance companies will go out of business when the only game in town will be the government insurance? Also wonder how “progressives” will like their health care run by conservatives when they attain power in the future – and they will.