More Health-Care Insurers Seek Big Premium Increases: Rate hikes of 10 percent or more for 2016; Approval underway?

The federal agency who is responsible of the ObamaCare discloses to public that the insurance rate will increase next year.

The agency said that many insurance companies have proposed an eye-protruding increase. Premium rates could go up to 16% or even more this 2016.

The info can be retrieved at the RateReviewHealthCare.gov. People could exactly see the explanation of the reason for the increase at the same the insurance costs for next year.

The Obama administration issued more information on Monday regarding this immense insurance premium increase next year as proposed by large insurers who are selling health plans under the health law.

The significant increase requested by major carriers came out first in the WSJ. In Illinois, Chicago, Blue Cross and Blue Shield is thinking of 29% average increase. Highmark Health Insurance Co. in Pennsylvania is seeking for 30% increase based on the proposal that the company has submitted in the previous year. Other insurers in other parts of the country are asking for a double digit increase.

However, this new request from the insurers is not timely since "the political and legal future of the law hangs in the balance." The Supreme Court is expected to issue a decision later this month concerning the legality of the law's tax credits to balance the premium cost intended for low income earners in the US.

One main reason why insurers seek for premium increase is the "higher-than-expected care costs" from the consumers who availed the ObamaCare. The insurance companies said that there is an increasing cost of prescribed medication including other expenses of Health coverage expansion.

Experts from the Health insurance industry pronounce that it is hard to draw hasty generalization with regards to the price hike for insurance premiums released Monday. Based on health care law, the insurance company is only required to recommend 10% increase or more. The people have to wait until October if the proposal will be approved for 2016 insurance premium increase.