White House reveals 10-year premium increases of 150%
The White House's National Economic Council said US health insurance premiums 90% to nearly 150% in the past decade, while wages rose 38% and inflation 28%, Reuters reports.
"In every state, premiums have increased faster than wages and in every state, family budgets are consumed by an increasing share of healthcare premiums," the report said.
Vice President Joe Biden told the National Association of Insurance Commissioners (NAIC): "The status quo of rising premiums is simply unsustainable for families, for businesses, for state budgets, and for our national economy.”
Premiums track healthcare costs
Brian Deese of the National Economic Council said President Obama's reform plan would include tighter regulation of insurance companies.
"As of 2008 ... fewer than half of states required a full review when insurers wanted to increase premiums at the state level, even if it's all going mostly to profits."
Robert Zirkelbach, spokesman for trade body America's Health Insurance Plans, said health insurance premiums track rising costs of healthcare.
Biden said that premiums in Alaska increased 145% in 10 years while wages grew 35%, in Florida premiums rose 121% while wages increased 43%, and Michigan had the smallest gap, 37%.
