“Supporters of the Patient Protection and Affordable Care Act (PPACA), otherwise known as Obamacare, have long asserted that the law would lower health care costs for individuals and families. President Obama’s promise that premiums would decrease by $2,500 has been broken. Since 2008, the average family premium has instead grown by over $3,000.i Even more shocking is that these increases occurred before Obamacare’s most costly requirements go into effect in 2014.
So what can the average American still reeling from a weak economic recovery, expect once the president’s signature accomplishment is fully implemented? Studies and analyses from the Congressional Budget Officeii, independent actuaries, state insurance commissioners, health plans, benefit consultants, and others have reached the same conclusion: Obamacare will significantly increase premiums. Both opponents and supporters of the law have come to this conclusion. By how much will remain unknown until plan rates are submitted. However, we do have projections on what to expect in 2014. Some estimates show some Americans facing startling premium increases of 203 percent because of the law. A study by actuarial firm Oliver Wyman suggests premiums in the individual market will increase an average of 40 percent.iv The Society of Actuaries similarly estimates an average premium increase of 32 percent in the individual market.”