Major insurers have proposed premium price increases of up to 51 percent for health plans sold under the Affordable Healthcare and Patient Protection Act, commonly known as Obamacare.
Increases of less than 10 percent were requested by big insurers, while some smaller insurers tried to undercut the major insurers to take some of their market share, according to the Wall Street Journal.
Due to the high utilization costs from newly enrolled people under Obamacare, the 2016 insurance premiums are about to go up, according to The American Specator.
Some states have already publicly disclosed their premium requests. New Mexico's Health Care Service Corp. is asking for an average premium spike of 51.6 percent, Tennessee's BlueCross BlueShield of Tennessee wants an average spike of 36.3 percent, Maryland's CareFirst BlueCross BlueShield wants an average spike of 30.4 percent, and Oregon's Moda Health is seeking a 25 percent spike.
The Obama Administration's only legal power regarding healthcare premiums is the right to ask insurers seeking increases of 10 percent or more to explain themselves, and there is no federal power to force rate cuts, according to Breitbart.
