WSJ: New York Destroyed Its Insurance Market Using Obamacare Rules

[Liz]

According to this article, Obama's claims that insurance rates on the Obamacare exchange in New York "will be at least 50% lower next year than they are today" is not the reality. According to the Wall Street Journal, NY "ruined its individual insurance market by imposing the same regulations Obamacare is about to impose in every other state."

WSJ: New York Destroyed Its Insurance Market Using Obamacare Rules

 

[RayNY]

To be fair, NY imposed some of the PPACA regulations, many more stringently (1:1 age banding, for instance), additional mandates that PPACA never included, and never had a mandate.

Community rating-mandate=sky high rates. If anything, NY is an example of how necessary the mandates are in light of all of the other requirements.

We are going to be their poster child rate wise, no other state had a market like ours. We literally had $1900 PPO individual plans. Considering they are still hiding plan designs and networks, I expect that value won't seem so great in 2 months when people find out just what they get for half the premium.

 

[AllenChicago]

Ray, with rates as high as what New York has, it's amazing that the state doesn't have the highest percentage of uninsured people. Instead, that distinction goes to Texas, where they are much lower. Pretty perplexing mystery.
allen

 

[RayNY]

Most of our market is covered under group plans, individual is small comparatively. While a group plan may be 300-500 for a single, individual coverage can be 800-1300 for a comparable plan.

The PPACA indy and SG products are very close to each other, and very close to existing SG rates. Indy spiraled out of control because of GI with no mandate, and that was relatively recently.