ATLANTA - Georgians enrolled in Affordable Care Act health plans face dramatic price hikes next year as marketplace premiums prepare to surge by double digits.
Georgia Obamacare rate hikes
What we know:
Open enrollment starts Nov. 1 for Georgia's healthcare marketplace, commonly known as Obamacare.
New figures from the Office of the Commissioner of Insurance show premiums are set to skyrocket next year, rising as much as 29 percent in some cases. The average monthly premium could rise to more than $900.
Dr. Cecil Bennett, Medical Director of Newnan Family Medicine Associates, said about 10-percent to 15-percent of his patients buy insurance through the state marketplace. "Several of my patients will no longer have health insurance. They just won’t be able to afford it, Dr. Bennett said.
Drivers behind rising premiums
The backstory:
David Howard, a professor at Emory University's Rollins School of Public Health, said the average rate increase across the exchange will top 10 percent, well above the rate of inflation.
Howard pointed to rising drug prices, including weight-loss GLP-1 inhibitors, and expanding hospital AI software as major cost drivers. "Weight-loss drugs, the so-called glp-1 inhibitors," Howard said. "That’s driving premiums up. Many hospitals and physicians are adopting AI software that is aimed at reducing denials from insurance companies. Fewer claims get denied, more care is being used and costs are going to go up."
Howard also said many healthy people are choosing to opt out of Georgia’s healthcare exchange. "The people who are dropping coverage tend to be healthier. When the remaining insurance pool is sicker, that means average costs rise and premiums go up," Howard said.
Impact on Georgia families
Why you should care:
Medical providers fear the rate jumps will strip care away from residents who have no other options. "One thing the ACA provided for was the ability for individuals to go to their primary care doctors, do their screenings for colonoscopies, their mammograms, the Pap smears, their PSAs, et cetera," Dr. Bennett said. "Now, without health insurance, a lot of my patients may not come in for those screenings, which could lead to further complications. For the majority who depend on that plan, this is going to be a disaster."
Financial help is available for people whose income falls within specific federal eligibility ranges. Coverage will become far more expensive for residents who do not qualify for those income-based subsidies. Experts recommend consulting a health insurance broker to navigate available plans before enrollment opens.
The Source: The information in this story was gathered from Dr. Cecil Bennett of Newnan Family Medicine Associates, David Howard, a professor at Emory University's Rollins School of Public Health, reporting by FOX 5 reporter Christopher King.