Insurance rates in Indiana will increase 72 percent for those with individual plans and 8 percent for small group plans under President Barack Obama’s healthcare overhaul, according to the state’s insurance department.
The spike in costs is due primarily to new mandates under the law, which requires insurers to cover those with pre-existing conditions and to offer a minimum level of benefits, said Logan Harrison, chief deputy commissioner with the Indiana Department of Insurance under Republican Gov. Mike Pence. New taxes and fees under the law also contributed, Harrison said.
“This new data regrettably confirms the negative impact of the Affordable Care Act on the insurance market in Indiana,” he said. “The Affordable Care Act requires many Hoosiers to purchase more comprehensive and more expensivehealth insurance than they may want or need. These rates call into question just how affordable health insurance will really be for many Hoosiers.”