Ohio officials said late Thursday that health insurance costs will increase “significantly” under the Patient Protection and Affordable Care Act.
The state’s department of insurance estimated the average individual premium will increase from $223 per month to $420 — an average of 88 percent — for policies under President Obama’s health care law.
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The department noted the rate filings are preliminary, and rates could change.
“We’ve warned of these increases since a state-specific study in 2011 indicated Ohio would be significantly impacted by the ACA,” Lt. Gov. Mary Taylor said in a statement. “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.”
A total of 14 carriers filed proposed rates for 214 different plans to the department for the newly formed exchange. Projected costs from the companies for providing coverage for the required essential health benefits ranged from $282.51 to $577.40 for individual health insurance plans, officials said.