Confirming Colorado’s worst fears, The Denver Post reported yesterday that ObamaCare premiums will spike more than 20 percent next year, marking the largest increase since 2014. For the 450,000 Coloradans that purchase coverage through the ObamaCare marketplace, the news comes less than two months before it opens for business on November 1.
While costs rise, insurance choices are limited as major carriers in the state have slashed their presence or exited completely out of ObamaCare. Insurer exits will lead to 92,000 people being forced to shop around for new coverage and they will likely lose access to their current health care provider depending on their coverage network.
Rural Coloradans will be hit especially hard by ObamaCare next year:
In 14 counties — all in western Colorado — residents will have only a single insurance carrier to choose from on the exchange, although that carrier might offer multiple plans. In 16 counties in southern and eastern Colorado, premium increases overall will average more than 40 percent, according to the Division of Insurance’s figures.
The damage isn’t limited to Colorado, ObamaCare is wreaking havoc all across the country:
Three major insurers have largely quit, citing big losses. Double-digit rate hikes are the norm for plans across the country. And roughly one in five Americans may find just one insurer selling plans in their area when they shop for 2017 coverage.
The law’s unintended consequences are devastating families. While ObamaCare remains a disaster that gets worse with each passing year, the President should come to his senses and cut the cord on his signature achievement once and for all.