Tuesday, October 8, 2013

Northern California Buyers Experiencing Price Shock over ObamaCare Premiums

This is from the San Jose Mercury News, Tracy Seipel:
Cindy Vinson and Tom Waschura are big believers in the Affordable Care Act. They vote independent and are proud to say they helped elect and re-elect President Barack Obama. 
Yet, like many other Bay Area residents who pay for their own medical insurance, they were floored last week when they opened their bills: Their policies were being replaced with pricier plans that conform to all the requirements of the new health care law. 
Vinson, of San Jose, will pay $1,800 more a year for an individual policy, while Waschura, of Portola Valley, will cough up almost $10,000 more for insurance for his family of four. … 
"There's going to be a number of people surprised" by their bills, said Jonathan Wu, a co-founder of ValuePenguin, a consumer finance website. "The upper-middle class are the people who are essentially being asked to foot the bill, and that's true across the country." … 
"I was laughing at Boehner -- until the mail came today," Waschura said, referring to House Speaker John Boehner, who is leading the Republican charge to defund Obamacare. 
"I really don't like the Republican tactics, but at least now I can understand why they are so pissed about this. When you take $10,000 out of my family's pocket each year, that's otherwise disposable income or retirement savings that will not be going into our local economy." … 
According to data compiled by ValuePenguin, Santa Clara County, San Mateo County, San Francisco as well as Santa Cruz, Monterey and San Benito counties have some of the highest health insurance rates in the state. Covered California officials say that in addition to the higher cost of living here, more hospitals in the Bay Area are owned by hospital groups that can demand higher rates because of the lack of competition. ...