Illustrated Economics: Premium hikes under Obamacare

HONOLULU (HawaiiNewsNow) - In Wednesday's edition of Illustrated Economics, Howard dove into the topic of insurance premium hikes under Obamacare.

The hikes vary a lot according to how many providers there are, and which ones.

Phoenix, AZ will see the biggest impact, with its rates going up 145 percent.

Oklahoma City, OK, Minneapolis, MN, Philadelphia, PA and Chicago, IL are some of other cities that will see large upticks in premiums. 
In the video, the chart which Howard refers to was created by the Washington Post and the rates are based on the second-lowest cost for the silver plan for a 40-year-old non-smoker.

While the increase in premiums has been the focal point in the announcement from the Obama administration, it's also worth nothing that 85 percent of those covered under the Affordable Care Act will get their costs subsidized by the government.

While the cost of Obamacare has been a contentious issue, supporters of the outgoing President's healthcare plan say the objective was to get coverage for millions of people who had no insurance. When those people went straight to the emergency room for a medical issue, the hospitals were shifting those costs to the taxpayers and the employers.

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