Insurance Companies Want to Raise Rates

Written by Pat's Papers | Wednesday, 8 September 2010 7:40 AM

There’s some bad news on the front page of the Wall Street Journal this morning. Health insurance rates are going up. Insurers say the hike is a direct result of costs imposed on them by the federal health overhaul. Not everyone will see a jump in their rates—only those covered by individual plans or who work for small companies are likely to be affected. Also, the new costs will only be applied to plans written after October 1. The Journal says the increases will hinder the Democrats’ ability to “trumpet their signature achievement” in the months leading up to midterm elections. In response, the White House said “insurers are using the law as an excuse to raise rates” and that many of the requests will likely be blocked at the state level.

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