With open enrollment for insurance plans approaching just a week ahead of the presidential election, millions of Americans are dreading going to their mailboxes for a number of reasons. In addition to dozens of unsolicited political mailers, some are receiving bad news from their insurance companies.
Bloomberg reported just last week that up to 1.4 million Americans could lose their current plans, as multiple providers pull out of the Obamacare marketplace:
“At least 1.4 million people in 32 states will lose the Obamacare plan they have now, according to state officials contacted by Bloomberg.
While it’s not clear what all the consequences of the departing insurers will be, interviews with regulators and insurance customers suggest that plans will be fewer and more expensive, and may not include the same doctors and hospitals.”
One month ago, the Daily Signal published a graphic that showed potential double-digit cost increases in 17 states:
— Chris P. Bacon? (@CPBacon4CO) September 19, 2016
This week, USA Today published a map that details just how much rates are set to increase:
— Alexandre Hilton (@AlexandreHilt0n) October 19, 2016
According to the newest available data, things are a bit grimmer than originally expected. Instead of 17 states seeing double-digit increases, the new map show only seven states (and Washington, DC) with a predicted rate hike of less than 10%.
- Rhode Island
- North Dakota
- New Jersey
And of those seven, New Jersey and Wyoming have requested additional rate hikes that just haven’t been approved yet.
Thirteen states are expected to see rate hikes in the 10-19% range:
- New York
- New Hampshire
- South Carolina
Of those, additional rate hikes have been requested by South Carolina, Ohio, Virginia, and New Hampshire.
Twelve states should see their rates go up by 20-29%:
- New Mexico
- North Carolina
Louisiana and Missouri are waiting for approval on additional rate increases.
Nine states are preparing for rates to soar to 30-39% above the current costs:
- South Dakota
Texas has a rate increase pending approval that may go even higher.
Montana, Illinois, and West Virginia will see rate increases of 40-49%, and costs in West Virginia are expected to go even higher once their requests are approved.
But the most shocking rate hikes will occur in Tennessee, Minnesota, Oklahoma, and Arizona. The cost of an insurance plan in one of those four states is predicted to skyrocket to over 50% above the current rates.
With the majority of the price hikes dropping like live grenades on the American public just a week before a highly contentious presidential election, it remains to be seen whether the rising costs will tip the balance — and if so, by how much.