Anthem Ohio health insurance rates could double…or even quadruple if overhaul legislation is passed, according to a recent Wall Street Journal article. Wellpoint Inc., the nation’s largest health insurer and parent company of Anthem ( View details here) published a report that said Buckeye State rates would more than double for average individuals and nearly QUADRUPLE for younger healthier people. Wellpoint also said that 70% of small businesses would also pay higher prices if the new proposed legislation is enacted.
Wellpoint derived its data from 14 states (including Ohio) that have Blue Cross plans and studied the impact of the main changes under consideration. They said rates (view here) would increase for individuals of average age and health, with younger customers seeing the largest increases. The study did consider Senior Medicare products for persons that have reached age 65.
Currently, Ohio prices are among the lowest in the country. The Cincinnati, Dayton and Columbus areas enjoy some of the lowest rates in the state. But current reform proposals threaten to substantially increase rates, and possibly force residents to purchase coverage they don’t want (if the “public option” is included in legislation). For example, maternity benefits are generally not needed for persons that have reached age 50. However, maternity and several other benefits may be required on future policies, which will undoubtedly raise premiums.
You can view the entire Wall Street Journal article online.
January 2012 – So far, rates haven’t doubled, but we may find out within the next six months. The Supreme Court will be ruling on the legality of many portions of the new health care legislation. Stay tuned!
September 2012 The Supreme Court did rule in favor of the mandate which taxes Americans if they do not purchase coverage in 2014.
May 2017 – Is Obamacare about to be repealed and replaced? The House has approved the new TrumpCare plan, but the Senate is not quite ready yet.