"Though supporters of President Obama's healthcare program tout its success in providing insurance to millions of Americans, recent rate filings from large insurers have revealed that the law is built on a shaky foundation.
In recent weeks, large insurers selling coverage through Obamacare have proposed massive rate increases for 2016 – even exceeding 40 percent – because they haven't been able to sign up enough young and healthy customers...Now that insurers have had more time to look at the claims coming in from those enrolling from Obamacare, they're finding that the pool of customers is older and sicker than originally projected, driving up medical costs.
Meanwhile, federal help isn't what they anticipated.
CareFirst BlueCross BlueShield, the largest health insurer in Maryland, proposed an average increase of 30.4 percent for 2016 (with a range of 19.3 percent to 45.7 percent).
A similar story is playing out among insurers who have filed rate proposals throughout the country. BlueCross BlueShield of Tennessee asked for an average increase of 36.3 percent.
In South Dakota, Wellmark proposed a 42.9 percent average increase."
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