Study Highlights Impact of Increased Insurance Costs of President’s Health Law
Younger Americans To Witness Insurance Premiums Going Up By As Much As 42%
A new study by Oliver Wyman, published by the American Academy of Actuaries, found the President’s health law will greatly increase the cost of insurance for those in the individual insurance market with younger Americans particularly hard hit. Below are highlights of the study:
- Insurance premiums in the individual insurance market will increase on average by 10 percent to 20 percent.
- 4 million uninsured individuals aged 21 to 29, or roughly 36 percent of those currently uninsured, can expect to pay more out of pocket for single coverage than they otherwise would, even given the availability of premium assistance.
- Younger, healthier individuals could see an increase in the cost of their insurance by over 40 percent.
- The cost of insurance for individuals aged 21 to 29 who are ineligible for premium assistance from the government would increase by 42 percent.
- The cost of insurance for individuals aged 30 to 39 who are ineligible for premium assistance from the government would see an average increase in premiums of 31 percent.
- Roughly 7.6 million people, or 40 percent of those covered in the individual health insurance market in 2011, would be ineligible for premium assistance from the government.