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Rep. Andy Harris, (R-Md.), on reports health insurance rates for the young workers are expected to rise to pay for the health-care costs of older adu...
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-- good evening now call it an unintended consequence of obamacare by.
Offering cheaper health care for the elderly the sick and the poor logic says insurance rates for the young for healthy people.
Are likely -- -- now some estimates by as much as 30%.
Which means we might see a lot more young people decide not to buy insurance altogether even states and individuals that supported the bill are sounding the alarm.
That changes need to be made -- health insurance we'll get a lot more expensive for a lot more people a lot sooner than expected joining us.
-- con -- and the area -- for instance or congressman Harris organs insurance commissioner supported the affordable health care act.
But now says that you might see insurance rates go up as much as 30% over the next year they're calling this rate shock is there anything that can be due to be done to prevent it.
While Adam you're actually gonna go see rates go up and especially on -- the younger workers.
Because the law sets a maximum ratio of the most highest insurance premium for the lowest.
And those young workers are gonna choose not to -- the insurance they'll choose to pay the penalty and strangely enough than the number of uninsured young workers well actually go up.
Yeah young invincible -- group that actually supported the affordable health care act brought this to the attention of the administration in a letter.
They sent back in December and they said most young people receive protection.
From those increases through subsidies but that coverage such as dependent coverage in cat catastrophic plans but for those who don't.
Get that those subsidies and it's roughly one million young people.
They're the ones they're worried we'll actually not buying insurance -- out what's going on.
Is a rule change -- what is it now you can charge an older person five times what you charge younger person -- the administration wants to change the three times.
No it's three times now you cannot -- that you're bill Linton ratios limits only 31.
So what brought down the rates for the older insured and brought up the rates for the younger their bills before congress that would increase that to a five to one ratio keeping -- -- it affordable for younger workers she does.
And seem fair to me to put this -- -- on the backs of younger people who by the way to get -- nine year old 60% of them voted for the president.
Then they're gonna figure out that that this insurance deal is not good for them and in the -- that's what happens when the government goes into it into the marketplace and begins to set rates.
Younger folks really don't have as many medical expenses so their insurance shouldn't be expensive.
And if we want to encourage younger folks who buy insurance you have to keep the rates low.
The rates -- gone up by double digits on some places here as much as 22%.
And -- have Affordable Care Act hasn't even kicked in.
I think CBO actually says that up by 2016.
On average nationwide.
Premiums are gonna go up ten to 13% I thought this whole thing -- -- health care act was supposed to drop the cost of insurance.
Look that was the promise that every American knew you can't ensure tens of millions of new people for a lower cost it doesn't work that way in the real economic world.
So what are the chances that congress will fix this if it can be -- Well I think we might be able to adjust that ratio but even if you get past the ratio all the other problems with the Affordable Care Act.
From whether or not the exchanges are going to be stood up on time this fall -- would be again the increase in insurance rates even before the Affordable Care Act kicks in.
A lot of those promises going to be broken promises.
Do you think that young people might come mid term election remember the fact that they're paying -- greater health care -- and for the elderly than they are actually right now.
-- I think what's gonna happen is young young people just aren't gonna buy the insurance so.
Know that they're not gonna see a difference the only difference is that we fewer younger people insured exactly the opposite of what the attendant fact effect was.
Representative Andy Harris from Maryland thank you for joining us here on money we -- to --
