Politics & Government
Opinion: Beyond the Spin Doctors, Insurance Premiums Under Obamacare
Does the ACA mean higher or lower insurance premiums for New Jerseyans? In a word, 'Yes'
With less than 60 days until open enrollment begins for new coverage options under Obamacare, the testy debate about whether the health reform law is good for America has moved to a new front -- health insurance premiums.
In our region, the spin on how premiums will change in 2014 when key provisions of the Affordable Care Act are in place began in earnest when New York Gov. Andrew Cuomo announced that premiums for individuals buying coverage in that state would drop by over 50 percent next year. Other states have followed with announcements of their own. Last week Maryland released its 2014 premiums, touting how the state had negotiated a one-third reduction in premiums proposed by insurers in that state.
Dueling headlines ensued. The Baltimore Sun headline read, “Premiums to go up as much as 25 percent under health reform.” The Washington Post banner had a different take, “Maryland issues insurance rates that are lowest in U.S.” Proponents of the Affordable Care Act argue that reductions in premiums are real and result from enhanced competition among insurers in newly created exchanges (now called marketplaces), while opponents argue that costs are rising because of onerous new Obamacare regulations.When it comes to changes in health insurance premiums, statewide averages are of little value. Rather, it is important to understand why premiums would change, and only then can we understand whether they are rising or falling, and for whom. New Jersey has not yet released the rates for 2014. They will be out no later than October 1st, and, of course, we all want to know will they be up or down.
Read more at NJSpotlight.com
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