Next Up For Exploding Health Insurance Premiums: New York

Tyler Durden's picture

When we warned recently that thanks to Obamacare, insurance companies would be unveiling significant price shocks one week before the presidential elections, we knew it was only a matter of time before the 2017 proposals would start to be released and double digit increases would be unveiled to the public.

 

Sure enough, we were proven right when the first two states to release proposals, Oregon and Virginia, showed that insurers were indeed asking for significant double digit increases.

Now, another state has made the 2017 proposals public, and the results aren't any better. In New York, health insurers have proposed an average 17.3 percent increase for individuals, and an average 12 percent increase for small groups. In the individual market there is a wide range of increases, from MVP Health asking for a 6.1 percent increase, to Crystal Run Health Plan asking for a whopping 89.1 percent increase. For small groups, Healthfirst Health Plan has proposed a 5 percent increase on the low end, while Crystal Run has proposed a 61.9 percent increase on the high end.

"The 2017 rate submissions reflect increases that are the direct result of the underlying cost of care and marketplace changes that continue to impact health plans' operations," said Paul Macielak, president of the New York Health Plan Association.

Other proposed rate increases for individuals include 45.6 percent increase by United Healthcare of New York, 29.2 percent increase by North Shore-LiJ CareConnect, and 15.9 percent by Excellus.

While on average a 17.3 percent increase has been proposed for individuals, it's important to note that in 2015 the Department of Financial Services only approved an increase of 5.7 percent even as the companies proposed a 12.5 percent increase.

Obamacare now finds itself at an interesting crossroads. On one hand, as evident in the proposed increases, very few companies can make a profit while participating in Obamacare with rates at current levels. Companies set up specifically under the Affordable Care Act have started to shut their doors (losing taxpayers billions) because there is simply no profit to be made, and now the government is even walking back promises to compensate firms that agreed to participate for their losses. Indeed, if the higher rates are not approved, firms will continue to exit the healthcare exchanges. However, if rate increases are approved, another problem is presented. Increased costs would put further pressure on already financially strained individuals and small business owners who would have to come up with ways to absorb the additional costs.

Ironically, the guy primarily responsible for creating such a mess won't have to deal with any of this come January 20, 2017.

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Guru1294's picture

Doubling premiums to keep the same coverage or less.. HA! thanks Obummer

Stackers's picture

Everything going according to plan

1. Sucker insurance companies into system that gives big profits up front but then quickly bankrupts them

2. Install single payer government health care system to "save us" from collapsing insurance system

krispkritter's picture

What this electorate needs is a (.GOV) enema!  (gloves snap) I'm from the Government and I'm here to help!

GeezerGeek's picture

Are you saying that .GOV needs an enema? Will the movie be called "Enema of the State"? Is Will Smith available?

Colonel Klink's picture

Will Smith was shot in New Orleans.

Syrin's picture

The proper term is Obamadoesntcare.

 

Continue

gatorengineer's picture

Stackers name one insurer that has gone belly up..... no cant do it?  because none have.  Insurers are pleading poverty while killing it.

United health care up 550% since Obozo care....

NeedleDickTheBugFucker's picture

If you look at the hedonic quality adjustment factor, people are actually paying much less for health care under Obamacare.  This must be part and parcel of the deflation that Yellen & Co. are so worried about.

Boris Alatovkrap's picture

Typical for any government program, in socialize medical, people are actually pay less for healthcare…

but much much much more for bureacratic management of heatlhcare.

Ward cleaver's picture

Mr Yellen, Obozo, etc. what about the biggest dipshit of all, "judge I'm a conservative" Roberts who wanted to be liked by the MSM and chose to F over the middle class. Good job chief judge Roberts.

Stroke's picture

Obama..."I'm going to fundamentally change this country"

Sho 'Nuff

Chris Dakota's picture
Chris Dakota (not verified) May 24, 2016 1:41 PM

I am paying the fine.
For two people Kaiser San Francisco is $1900 per month now.
But first you have to earn and pay tax on that so it is about $25K per year.

lasvegaspersona's picture

I thought the price of admission to San Fransisco was $250,000 a year. $25k is just pop corn and a large drink to that show.

Boris Alatovkrap's picture

Boris is fully understand navigation through government program from life in former Soviet Republic. In Amerika, you can avoid both insurance mandate AND penalty. You are just not pay Utility Bill. Serious, no kidding!

https://www.healthcare.gov/exemptions-tool/#/results/2015/details/utilit...

You are welcome!

MANvsMACHINE's picture

So you don't pay for health insurance but how then do you deal with the frostbite you got because you had no heat in your home?

Boris Alatovkrap's picture

Boris is collect furniture from abandon government office and use for kindling. (Oh, and maybe little bit of vodka) What are you to do in Amerika?

malek's picture

Living in SF, your income tax rate is 9.6% including both federal and state taxes??

Miles Ahead's picture

Yes.  If you're an IT consultant and you expense everything to your clients including things like favorite beer, Starbucks coffee, cover charge at your favorite spot.

gatorengineer's picture

it comes off of federal before tax...

Fuku Ben's picture

$1900 a month! That's ridiculous. Look into cost sharing plans they are far cheaper. The one I just looked up for 2 would cost around $300/mo. each, 1K deductible each and no lifetime limit on benefits. Even if you have no plan you are in one of the best parts of America to find a wide variety of traditional medical practitioners which are typically much cheaper.

lasvegaspersona's picture

Obama may not have to deal with the consequences but it will be worth it just to have him gone....Clinton, Bush, Obama....this country survived all that...it must be tough but I don't think it can take much more bad leadership.

Now it also has to deal with a 45 year old dollar problem. Hopefully we have have better leadership when that happens because it is going to be big.

nibiru's picture

So simple guy will still try to invest his $200 savings each month ( http://independenttrader.org/systematic-investment-of-small-sums-does-it-make-any-sense.html) while Chinese will eventually buy all this debt and turn normal citizens into their debt slaves. 

Thanks Obama!

TradingIsLifeBrah's picture
TradingIsLifeBrah (not verified) May 24, 2016 1:41 PM

Higher premiums mean better service :/

Two Theives and a Liar's picture

If you like you traitorous President you WILL keep your traitorous President.

(whether you like it or not)

Submit Bitchez!

 

Small Government Is Better's picture

Obozo's health care plan is demonstrating itself to be a time bomb.  

Too bad we cannot move the clock ahead so it takes out the chief proponent with it.

The Obamacare premium increases mock all the claims of improved health care for all by Obozo and his aide de camp, Ms. Toxic Pelosi, who only reads bills after the House has passed them.

krispkritter's picture

O-bomb-acare is doing exactly what it was designed to do.  I'm guessing the timelines kept moving back for the reason you mention(it's going to explode) but it's not intended to blow up in it's namesakes face but the next sucker that steps up to the position.  Wait for it...!

malek's picture

 double digit increases

Huh?
I had that on my non-Obamacare health insurance for each of the last 7 years!

falak pema's picture

the difference between private health insurance and public health care is just what its all about.

buzzsaw99's picture

a bunch of freeloaders who use tons of medical services, get coverage for free, and don't even pay the $6K deductible are fucking everyone around. hospitals are happy to get screwed on the $6K because they just jack up the price even higher. They won't be happy until they run all the non deadbeats away. My premium used to be $168/mo, after owebombacare it doubled. when it hit $600/mo i cancelled it. man it would suck to be born into this world today. can you imagine how shitty it will get in another fifty years?

SpanishGoop's picture

You don't have Obummercare so you will be dead by then.

 

MasterControl's picture

You mean won't be dead by then.

PPT Inc.'s picture
PPT Inc. (not verified) May 24, 2016 1:47 PM

Healthcare is a monopolistic industry- the more "competition" you have, the higher the prices. 

Skiprrrdog's picture

Obama Bin Laden... coming to your pocketbook soon...

Squid Viscous's picture

thank God I have good genes, Fuck you Obozo, I paid once for 2014 - never again...

or I'll just opt in, if I get sick... you can't deny me...lol

what a stupid fucking plan

BarkingCat's picture

you are wrong on the opt-in.

Tgere is only a short window each year  to sign up for Obamacare .

That's right,  " Open Enrollment" is a concept that they kept, so if you are planning to sign up after you get sick, you better hope you can last ling enough to be abke to do it.

Aubiekong's picture

Nope, there are ways around. Have a relative start a lawn care business, hire you as their first employee. It will take less than a day for the paperwork.  As a new start up business employees are qualified for immediate health insurance even outside the normal sign up window...

Squid Viscous's picture

whatever, I'm good until 65 at least without scrips, etc. unlike most of US victims, "ask your doctor" LOL...

more like "ask your grocer" you fat fucks...

 

 

monkies's picture

Why is everyone defending insurance companies, and not asking about why 'non-profit' hospitals have so much excess?  Oh that's right, cuz that would make universal health care viable.  

nibiru's picture

yes put everyone in your one-size-fits-all plan and let's see how this Venezuelan approach works. 

Aubiekong's picture

Universal health care to you is other people paying for your care....

lasvegaspersona's picture

We have had universal healthcare for years...only now folks are being asked to pay for it. In the past it was county hospitals and other NFP places. It has been decided that everyone must be bled dry for our magnanimous generous welfare state. Hell... we believe if you can shoot your way into the USA and make it to an ER we have to treat you...its the human thing to do....and it turns out to be rather expensive to have such high ideals.

snoozinjoe's picture

Totally true...and no one gets it.

gatorengineer's picture

Monkies you in part nailed it...  Not for profit hospitals have literal money to burn... they need to be done away with.

gatorengineer's picture

Monkies you in part nailed it...  Not for profit hospitals have literal money to burn... they need to be done away with.

Lumberjack's picture

Wait till he gets that carbon tax he always wanted.

NuYawkFrankie's picture

Since when has popping poisonous pharmacheuticals been health care?

 

"Nature itself is the best physician.... If you are not your own doctor, you are a fool."

- Hippocrates

 

carbonmutant's picture

Affordable Health Care... lol

Aubiekong's picture

Dont you love the fatties ridding in their electric carts putting cup cakes in their basket each one a drain on public funds each one requiring millions of dollars of health care as they chose to destroy their own health...