By Paige Winfield Cunningham@pw_cunningham
The largest health insurer in Texas wants to hike premiums for Obamacare plans by nearly 60 percent the latest evidence that consumers may see steep cost increases this year under President Obamas healthcare law.
Blue Cross Blue Shield of Texas has requested hikes it says could affect nearly 603000 Texans buying health plans through healthcare.gov the insurance marketplace set up under Obamacare. The rates have yet to be finalized and Blue Cross could choose to ramp them down but the Obama administration lacks the authority to force the insurer to do so.
The rate hike was announced as insurers in other states are also requesting double-digit increases that are larger than those seen in previous years in part because next year theyll no longer receive extra federal funds to help them pay for sicker more expensive customers.
Because insurers can no longer deny someone coverage due to their pre-existing condition many are arguing they have an influx of patients with more expensive healthcare needs in the Obamacare marketplaces prompting some including United to withdraw from the marketplaces completely.
