By Roy Whited
Health Insurance Costs to Increase Significantly Under Affordable Care Act
Plans filed with Department of Insurance Show Higher Costs for Ohio Consumers
COLUMBUS- The Ohio Department of Insurance released details of health insurance plans that insurers have submitted for approval to sell on the coming federal insurance exchange for Ohio. The Department’s preliminary analysis of the proposed plans for the individual market reveal that insurers expect the cost to cover health care expenses for consumers will significantly increase.
Based on a report released by the Society of Actuaries earlier this year, the Department estimated this increase is an average of 88 percent. While those costs do not specifically track with the premiums insurers charge individual customers, it is expected that these increases in costs will also translate to significant premium increases for many Ohioans.
In addition, there appears to be other bad news for seniors. Author Nick J. Tate’s book states that “According to the Congressional Budget Office- The non-partisan governmental agency that makes budgetary forecast- roughly 43 percent of the total $1 trillion dollar cost of Obama Care will come from cuts in Medicare spending over the next decade.”
Question: If 42 percent of $1 trillion is to come from cuts in Medicare spending, do you think that seniors will be getting more or less care?
Now, more than ever, individuals should consider developing a plan to protect and preserve their assets. For more information on this subject call the Cooper & Adel Law Firm and schedule a free consultation.
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