And insurance executives already are warning about double- or triple-digit hikes for next year. “I do think it’s likely premium-rate shocks are coming,” said Chet Burrell, CEO of Care First BlueCross BlueShield.
Aetna CEO Mark Bertolini, one of the first to raise the alarm, said increases “could go as high as 100 percent.”
I just did my taxes last night. I spent in excess of 15% of my income on health insurance premiums last year. Assuming I don’t get a raise when these predicted hikes come along, I’ll spend almost a third of my income in insurance premiums, if these quotes are correct.
The screams of the ideologues of the left still echo in my head from during the ACA debates. Many of them are reading this post right now… I know them, and some of you know them. They screamed at people like me who raised the concern that this law was untenable, saying things like: “I have kids with pre-existing conditions that you obviously want to die.”
I don’t know what I want to say to these people now. I do know that if a third of my income gets taxed to the insurance companies, I’m faced with the choice of paying the fine or giving up the mortgage payment.
This system isn’t tenable.