Nearly two million individuals enrolled in Obamacare plans through state exchanges dropped their coverage through mid-March, according to a Center for Medicaid and Medicare Services report released Monday evening.
Some 12.2 million people enrolled in Obamacare plans during the 2017 open enrollment period, but only 10.3 million individuals paid their premiums. This means that 1.9M individuals either had not paid or did not pay the necessary amount to keep coverage on the exchanges, according to the CMS report.
Consumers increasingly concerned about the costs of both obtaining and using health insurance. Premiums — the costs of having insurance — continue to increase by double-digit percentages every year.
HHS compared premiums in the exchange marketplaces in 2013 (a year before Obamacare regulations took full effect) to premiums in the exchange marketplace in 2017. The results: average monthly premiums increased from $224 in 2013 to $476 in 2014 or a 105% increase in four years.
Deductible costs are also a big concern to consumers. Average deductibles for bronze, silver, and gold plans obtained on the Obamacare exchanges increased by 8.4% or $265, in 2016. The second most popular plan on the Obamacare exchanges – the Bronze option – have average deductibles of $5,629.
Given an average American household income of $55,000 a year, the $5,600 before insurance kicks in is not a viable option for most families. Insurance companies love the
new higher deductibles, since it insulates them from the cost of providing care to each individual policy holder.
Facts From: The Daily Caller