Prepare your wallet. Health premiums are set to rise by as much as 400 percent under Obamacare.
That’s according to a new report from the House Energy and Commerce Committee released this week that uses information from the nation’s largest health insurance companies to estimate the emerging costs of the Patient Protection and Affordable Care Act.
The findings: Health insurance premiums will rise, on average, by 100 percent, the Washington Free Beacon reported, but some could increase by 400 percent.
“The average yearly cost for a new customer in the individual market grows from $1,896 to $3,708 — a $1,812 cost increase,” the report states.
As Fox News reported, the cost increases fly in the face of promises from President Obama that his health reform package would actually lower health care prices for consumers.
The Washington Free Beacon quoted the president’s statement when he signed Obamacare into law, March 23, 2010: “This legislation will also lower costs for families and businesses.”
COVERAGE: Health Care Reform