According to the Hill health insurance companies are proposing huge increases in the premiums of healthcare plans obtained through the Affordable Care Act.
“The industry is clearly setting the stage for bigger premium increases in 2017,” Larry Levitt, an expert on the health law at the Kaiser Family Foundation, told The Hill.
The development comes just days after the nation’s biggest health insurer, UnitedHealthcare, announced it was pulling out of many of the states it now services through the Affordable Care Act.
The Hill says many insurance companies have been taking losses partially because premiums were set too low when the program kicked off in 2014.
And new, substantially-higher premium rates are expected to rolled out in the coming months.
The Affordable Care Act was signed into law by President Barack Obama with a goal of overhauling health care in the United States and reducing the number of uninsured by 32 million.
The Republican-controlled Congress has voted more than 50 times to repeal the law but has yet to come up with a detailed replacement plan.