Arizona: 116% hike in health insurance premiums

New reports show the premiums for midlevel benchmark plans with Obamacare will increase an average of 22 percent across the country by 2017, that’s according to the Department of Health & Human Services. Local officials are anticipating the price hike will have an impact on local residents. Dr. Robert Trenschel, CEO & President of the Yuma Regional Medical Center (YRMC) says, “Our understanding is prices are increasing and primarily that’s because the risk pool that was allocated under the Affordable Care Act hasn’t quite played out the way architects of the Affordable Care Act had anticipated. So premiums are expected to increase, and some quite dramatically.” One of the most dramatic increases is happening in Arizona where numbers are expected to skyrocket by 116 percent. Senator Jeff Flake, (R) Arizona, cited the statistic during an interview with CNN’s Wolf Blitzer. A recent CNN Money Report confirmed saying, “The average premium increase maks wide variation among the states. In Arizona, the benchmark plan’s average premium will increase 116 percent in 2017. Arizona had the lowest rates of any state this year, said Kathryn Martin, an acting assistant secretary at the U.S. Department of Health & Human Services.” Those who qualify for even the lowest cost plans to pay an average of $422 dollars a month; that’ s compared to the average of $196 consumers are currently paying. Trenschel says, “Some individuals may then elect to not purchase insurance. They would be uninsured and they would pay a penalty but that penalty would be less than their premium…” According to the same CNN Money report, most consumers are shielded from these price hikes, especially if they’re returning after the latest enrollment period, which opened November 1st. As of right now, Arizona residents can only choose from two options for health insurance– Obamacare or Blue Cross Blue Shield of Arizona.