Northam on projected healthcare insurance premium increases

healthcareThe Trump administration, in the guise of getting the gubmint out of your healthcare, has quite wittingly created a nice backdrop for health insurers to make serious bank.

Virginia Gov. Ralph Northam is calling a spade a spade.

“I am disappointed that the Trump administration’s active sabotage of the health care system will result in many Virginians and Americans paying more for health coverage,” Northam said today. “Those policies include a recent announcement encouraging substandard short-term health insurance plans that ultimately result in financial penalties on people with pre-existing conditions.

“It is essential that Virginia’s leaders clearly state our opposition to any policies that seek to undermine the sustainability of the insurance market our citizens depend on for their health and financial stability. But we can also take commonsense, proactive actions right now that will help to ameliorate these rate increases and stabilize the health insurance market for years to come, like expanding Medicaid. Virginians need affordable health coverage and meaningful access to medical care, and we have a responsibility to do everything in our power to ensure that happens.”

The Virginia Bureau of Insurance reports that most insurers offering coverage through the individual insurance market will raise rates between 15.0% and 64.3% in the coming year, due to the rising cost of health care but also federal actions or inaction that raise costs and create uncertainty in the insurance markets. One insurer, Optima, will reduce rates between 1.9%.

For more information on changes to health insurance rates in Virginia, please visit www.scc.virginia.gov/boi/co/acafilinginfo/files/acaratefile.pdf.

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