Ohio Department of Insurance officials announced last week that average premiums in the Buckeye state would soar 88 percent once President Obama’s health care law kicks in. The news added fuel to an already raging debate over Obamacare’s effect on insurance costs.
Ohio’s insurance department disclosed that a total of 14 insurance companies had proposed rates on 214 plans to be offered through the federally run insurance exchange set to open on Oct. 1 and begin providing benefits in January.
“The department’s initial analysis of the proposed rates show consumers will have fewer choices and pay much higher premiums for their health insurance starting in 2014,” said Ohio’s Lt. Gov. Mary Taylor. Specifically, the study showed that the average monthly cost of insurance would rise from $223 to $420.