Where Obamacare Premiums Will Soar – Yahoo! Finance
By Tami Luhby
Get ready to shell out more money for individual health insurance under Obamacare … in some states, that is. While many residents in New York and California may see sizable decreases in their premiums, Americans in many places could face significant increases if they buy insurance through state-based exchanges next year.
That’s because these people live in states where insurers were allowed to sell bare-bones plans and exclude the sick, which has kept costs down. Under Obamacare, insurers must offer a package of essential benefits — including maternity, mental health and medications — and must cover all who apply. But more comprehensive coverage may lead to more expensive insurance plans.
Under Obamacare, all Americans must have insurance coverage starting in 2014 or face penalties of $95 or 1% of family income, whichever is greater. Enrollment in the exchanges begins October 1, with coverage kicking in in January. Plans will come in four tiers, ranging from bronze to platinum.
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Is anyone really surprised at the fact that requiring insurers to cover more costly customers and offer more coverage would lead to higher consumer prices?