Obamacare Sticker Shock: More Price Hikes Are On The Way

It was all lies from the get go.

Obamacare plan customers should brace for sticker shock when the administration posts insurers’ preliminary rate requests for 2017 this week.

Health plans are asking for sharp price increases, after suffering big losses on exchanges in the last two years. Regulators caution that these are preliminary requests and final rates could a lot different.

Insurers cite rising drug costs and patients who utilize a lot of medical services for the price-hike requests, which range from 17 percent in New York, and more than 20 percent in Virginia, to 30 percent rate increase requests from Oregon's largest insurers.

One of the underlying reasons for the big requests has to do with the expiration of the reinsurance program under the Affordable Care Act, which had served to offset some of the losses due to sicker customers who racked up high medical bills.

Montage of Obama promising to lower family premiums by $2,500.
He also promised to bend the cost curve down.