Health Insurance Rates Continue to Go Up

May 13, 2014

Insurance rates have gone up, and they’re going to go up some more. Projections from different states are beginning to come in, and so far almost every health insurer is looking to raise rates in 2015.

Virginia carriers were some of the first to report, and all health plans are opting to increase premiums next year. Some rates will increase as high as 16.6 percent next year on top of the rate increases that many have already seen since the Obamacare was first implemented.

Washington was the next state to release insurance rate data, and the Seattle Times reports that some rates will increase by as much as 26 percent in 2015. So many insurers are looking to increase rates that the Wall Street Journal wrote a story profiling the only known insurer to decrease rates: Molina Healthcare. Molina’s plans were some of the most expensive last year and their conservative assumptions have allowed them to reduce rates.

But Americans were not promised that one insurer who was initially overly cautious would lower rates in one state. No, Americans were promised that premiums would decline for a typical family by an average of $2,500 a year. Yet rates increased this past year and are set to increase again.

As Obamacare continues to cost the American people more and more we are all beginning to see that the promised benefits remain only promises.