Remember that story we did a few weeks ago about the coming “rate shock” in South Carolina related to the implementation of U.S. President Barack Obama’s socialized medicine law?
(ICYMI … here’s the story).
Well guess what … the rate shock is officially here. According to the director of the S.C. Department of Insurance (SCDOI), South Carolinians should expect to see “significant” increases in their health care premiums.
“Due to a number of new federal requirements going into effect next year as part of the Affordable Care Act, consumers should plan for premiums to increase significantly,” SCDOI director Ray Farmer said in a news release. “Overall, we expect to see average rates increase by 50-70 percent in the individual market and 10-20 percent in the small group market. Increases experienced by any individual or family may be much higher or much lower based on the product they choose, their age, smoking status, and other factors.”
Wow … everybody catch that?
Hold up … wasn’t Obamacare supposed to reduce health care costs?
“In an Obama administration, we’ll lower premiums by up to $2,500 for a typical family per year,” then-U.S. Senator Obama said during a June 2008 campaign swing through Virginia. “We won’t do all this twenty years from now, or ten years from now. We’ll do it by the end of my first term as President of the United States.”
Of course at the end of Obama’s first term, premiums for the average family with an employer provided plan increased by $2,400 according to the Kaiser Family Foundation.
And the worst is yet to come …