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Fed report: Obamacare exchange insurance costs double in past four years

By   /   June 1, 2017  /   News  /   No Comments

The latest look at Obamacare prices show insurance through the marketplace costs more than twice as much now as it did in 2013.

New numbers from the the U.S. Department of Health and Human Services show health insurance in Illinois that cost $248 a month in 2013, now costs $517 dollars. That’s a 108 percent increase.

Trouble is, State Sen. Dave Syverson, R-Rockford, said, most insurance through the Obamacare exchange costs a lot more than $517.

“We warned that this was going to happen,” Syverson said. “When you have a small pool of people, you’re going to have adverse selections and you’re going to have losses that are far worse than Washington projected.”

A number of health insurance companies have said they’ve lost millions of dollars on the plans offered on the exchange. Blue Cross Blue Shield Of Kansas City left Missouri’s Obamacare exchange last week after company executives said they lost $100 million.

Syverson said it will be a bit before Illinois insurers make the same kind of choices. When they do, thousand of people could lose access to care.

But Syverson said many Illinoisans who have Obamacare insurance already have lost access.

“In DeKalb County, there is not one provider that is in the Obamacare network. No one,” Syverson said. “In Rockford, third largest city in Illinois, one hospital and only about 10 percent of providers are willing to see Obamacare patients.”

The HHS numbers put Illinois in the middle of the rate hike pack. New Jersey saw a 12 percent price spike over the last four years, while Alabama saw a 222 percent increase.

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