As the open enrollment time period for the 2017 ObamaCare coverage comes to a close, several Wisconsinites are confronting a bleak reality: insurance premiums have skyrocketed. The promise of affordable health insurance, 1st made in the title of the legislation – the Affordable Care Act (ACA) – and reiterated by supporters time and time again has turned out to be anything but true. For the year of 2017 alone, health insurance premium in Wisconsin have risen an average of 15.9 percent, with few consumers observing their premiums rise by as much as 30 percent.
This is not the 1st time the Affordable Care Act has led to Wisconsin consumers paying more for their health insurance premium. Premiums for few 2016 health insurance premiums plans purchased through the federal healthcare exchange increased by double digit percentages over 2015 premiums for the same plans. When the federal exchange first inaugurated in Wisconsin in the year of 2013, monthly premiums for the cheapest available plan for a young, healthy person increased by a shocking 135 percent in contrast to the cheapest plan available for that similar person in the year of 2012.
Thanks to the Affordable Care Act (ACA), Wisconsin health insurance premium costs have far outpaced the Consumer Price Index, the federal measure that detects overall inflation. Medical services costs have increased by 5.1 percent in the last year, outpacing the cumulative 1.1 percent inflation rate, but both are dwarfed by the 15.9 percent premium hike that has appeared here in Wisconsin.
Meanwhile, a latest study by the Applied Population Lab at the institute of University of Wisconsin discovered that overall health insurance coverage in the state has sustained to be relatively flat for working adults. Long before the passage of the Affordable Care Act (ACA), Wisconsin led the nation in accessibility to health care and health insurance coverage.
The charges of keeping health insurance coverage rates relatively flat in Wisconsin has been high under the Affordable Care Act. In accordance to the Congressional Budget Office, in the year of 2016 the average health insurance consumer getting a federal subsidy for buying health insurance cost taxpayers $4,240. That subsidy cost is hoped to rise to $7,100 each enrollee by 2026, and over the next 10 years taxpayers will spend $866 billion subsidizing health insurance coverage for consumers under the age of 65.
But while ObamaCare has led to skyrocketing prices for Wisconsin consumers, common sense decisions to not pay for a state funded health insurance exchange have paid dividends. Not just did some states, such as neighboring Minnesota, pour millions of dollars into building digital infrastructure that was already being constructed by the federal government, but their management of the exchanges has left several customers with fewer options for coverage.
Minnesota experienced a near collapse of its exchange previously this year as huge insurance companies claimed they would no longer use the system to sell coverage. A subsequent premium hike led Gov. Mark Dayton (D) to announce that “the Affordable Care Act is no longer affordable for growing numbers of people.” Dayton subsequently walked back that remark, but his candor explains the failed promises of the Affordable Care Act.
The single best thing that could occur for Wisconsin health insurance premium customers is for the Affordable Care Act to be repealed and replaced a system that consists of fewer mandates and refuses to develop the federal government at the center of the doctor-patient relationship.
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