Nearly 2 million people have dropped their Obamacare coverage this March, according to a report by the Center for Medicaid and Medicare Services.
Out of nearly 12.2 million Obamacare enrollees, only 10.3 million actually paid their premiums to maintain coverage during March this year. That means 1.9 million people didn’t pay. Consumers have expressed concern over the cost of their health insurance, particularly as Obamacare premiums increase in price every year, by double-digit percentages. “Consumers are sending a clear message that cost and affordability are major factors in their decision to cancel or terminate coverage,” said CMS Administrator Seema Verma.
The Department of Health and Human Services (HHS) compared premiums from 2013, the year before Obamacare took full effect, to current ones and found that premiums had more than doubled from $224 in 2013 to $476 in 2017.
“Not surprisingly, as costs continue to go up, fewer Americans can afford to pay more and get less for healthcare,” commented HHS Secretary Tom Price. “Many individuals and families across the country are tired of having their healthcare options dictated to them by Washington – particularly when those limited options are unaffordable.”
As reported in the Daily Caller:
Consumers are also stressed by Obamacare’s high deductibles. A deductible, by definition, is the amount of money an individual has to pay out before the insurance company will begin to pay.
Deductible costs now run in the thousands of dollars on average. Average deductibles for bronze, silver, and gold plans obtained on the Obamacare exchanges increased by 8.4 percent, or $265, in 2016. The second most popular plan on the Obamacare exchanges – the Bronze option – have average deductibles of $5,629.
The average American household brings in just over $55,000 a year, and so paying up to $5,600 before insurance kicks in is not a viable option for most families. Insurance companies love the new higher deductibles, as it further insulates them from the cost of providing care to each individual policy holder.