Click here or on the image above to hear Renacci question the panel on these increased rates.
WASHINGTON, D.C.: Today, U.S. Rep. Jim Renacci (R-OH) questioned health care insurance experts on the most recent harmful effects of Obamacare on the American people. The President’s health law was sold to the American people with two basic premises. One, it was supposed to expand coverage by using subsidies and mandates. The other promise was that the law was supposed to lower costs, specifically lower a typical family’s premium by up to $2,500 a year. However, earlier this month, the Centers for Medicare and Medicaid Services (CMS) released information on proposed insurance premium rate increases of up to 61 percent or more in some states, and up to 17 percent for tens of thousands in Ohio in 2016.
For the first time under Obamacare, insurers have a complete year of claims data on which to base their proposed rates, and this information is leading them to request higher rates. The Ways and Means Subcommittee on Oversight held a hearing today to review this increase in cost for the American people.
“As a CPA with over 25 years of experience in the healthcare industry, I know firsthand how destructive aspects of this health care law have been,” says Renacci. “We need to protect families and patients from financial strain due to increased health insurance costs.”
“Time and time again, I’ve heard from constituents about their rising premium costs, tax increases, loss of their primary physician, and the burdens imposed on business owners. I was recently approached by a woman at a restaurant in Wadsworth, Ohio who told me even though she was now able to purchase insurance through the exchanges, she couldn't afford her deductible. I hear these stories all the time, and they're troubling. If a family has an insurance card, but can't afford to actually use it, they don't really have coverage. Since being elected to Congress, I have fought to restore consumer choice and reduce costs, while also consistently supporting transitioning out of Obamacare to common sense, market-centered solutions.”
The committee heard testimonies from Seth Chandler, an insurance law professor at the University of Houston who authors the blog ACADeathSpiral.com; Julie McPeak, Commissioner of the Tennessee Department of Commerce & Insurance; Al Redmer, Jr., Commissioner of the Maryland Insurance Administration; and Mike Kreidler, Commissioner of the Washington State Office of the Insurance Commissioner.