Reed: Rate Hike Further Evidence that GOP’s Health Insurance Sabotage is Hurting Consumers
Trump’s efforts to undermine Affordable Health Care Act results in up to 10.9% rate hike for many Rhode Islanders
PROVIDENCE, RI – After President Trump failed to repeal the Affordable Care Act (ACA), his Administration tried to undermine it: repealing the individual mandate; ending cost-sharing reduction payments; expanding junk insurance plans; and reducing outreach and marketing funds to try to suppress enrollment.
Even President Trump’s former Secretary of Health and Human Services Tom Price has acknowledged that the Trump Administration’s eliminating the ACA’s individual mandate to purchase insurance as part of the GOP’s tax bill is harmful to health consumers, stating: “There are many, and I am one of them, who believes that that actually will harm the pool in the exchange market because you'll likely have individuals who are younger and healthier not participating in that market.”
The nonpartisan Congressional Budget Office (CBO) concurs with Secretary Price’s statement: As a result of President Trump’s policy changes, CBO projects 13 million fewer Americans would have health insurance by 2027.
In announcing the release of the requested increases for the 2019 rates, the Office of Health Insurance Commissioner (OHIC) noted: “This year’s rate filings are made against the backdrop of continuing uncertainty over federal policy actions around the Affordable Care Act, such as the discontinuance of both Cost Sharing Reduction subsidies and penalties for not having insurance. The federal policy changes could disrupt insurance rates and markets nationwide.”
Today, U.S. Senator Jack Reed issued the following statement pointing out how the Trump Administration’s repeal-and-sabotage health care strategy is costing consumers in Rhode Island and nationwide:
“President Trump has long threatened to create chaos with people’s health insurance if he didn’t get his way, and now consumers are paying the price.
“He failed to repeal the Affordable Care Act, so his Administration and Republican allies undermined the law, drove up prices, and weakened consumer protections.
“This round of proposed rate hikes is further evidence that Republican policies are raising costs instead of cutting them.
“I will continue working in Congress to reverse these harmful policies and put insurance markets on a more sustainable path toward quality, affordable health care.
“Instead of exacerbating problems and making it harder for working families to afford health care, Republicans should join Democrats on bipartisan steps to stabilize the market and provide more Americans with affordable health options in 2019 and beyond.”
Approximately 31,600 Rhode Island residents get their health insurance on the state’s exchange.
Now that OHIC has released the individual, small, and large group market premium rates requested by Rhode Island’s four largest insurers, State regulators will have time to analyze and alter the proposed premium increases. However, the Trump Administration’s attacks on the Affordable Care Act are likely to increase insurance rates for all consumers, including those in the group market as well, where over half of Rhode Islanders get health insurance through their employer.