"The president sold his health care law to Ohioans as a way to bring down costs, but instead, many will pay nearly $200 extra every month while also paying higher taxes. It’s unfair to struggling families and taxpayers, and it’s another reason why we have to repeal this law and focus on patient-centered reforms that will actually lower health care costs and protect jobs."
- Speaker John Boehner
Three years ago, President Obama promised a crowd in Strongsville, Ohio that his new health care law “would reduce most people’s premiums.” Unfortunately for the Buckeye State, that’s another promise by the president that isn’t panning out: a new report shows individual premiums in Ohio will spike by 88 percent under ObamaCare. In Forbes, Avik Roy writes:
“[O]n Thursday, the Ohio Department of Insurance announced that, based on the rates submitted by insurers to date, the average individual-market health insurance premium in 2014 will come in around $420, ‘representing an increase of 88 percent’ relative to 2013. ‘We have warned of these increases,’ said Lt. Gov. Mary Taylor in a statement. ‘Consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014.’”
According to The Hill, “the average premium for an individual healthcare policy will likely rise from $223 per month to $420…” That’s almost $200 more in health care costs every month for Ohioans buying individual coverage – or nearly $2,400 more out of their paycheck each year.
The disappointing news is consistent with the recent “rate shock” report by the Energy & Commerce Committee. The committee compiled data from the nation’s largest insurers showing rates on the individual market are going to double, with some soaring by as much as 400 percent.
Forbes says the biggest factors driving up prices are provisions in the law “forcing people to buy richer insurance benefits; to buy products with all sorts of add-ons they might not need; to pay Obamacare’s premium tax; and to pay a lot more, if they’re young, to subsidize older individuals.”
While some “lower-income folks who benefit from the subsidies provided by other taxpayers” may see costs go down, Roy notes that “middle-class Ohioans will pay more in taxes to pay for those subsidies, and more in premiums” under the president’s health care law.
Lowering health care costs is an important part of the Republican Plan for Economic Growth & Jobs, which calls for fully repealing the president’s health care law. Learn more about it at gop.gov/jobs.