While we've all seen the horrendous rate increases caused by the ObamaTax (including on our 1040's), there are other victims. According to a recent RAND Corporation study:
"The expansion of health insurance accomplished under the Affordable Care Act may alter costs for several major types of liability insurance ... Automobile, workers’ compensation, and general business liability insurance costs may fall under the Affordable Care Act, while costs for medical malpractice coverage could be higher"
It makes sense, of course, once one stops to consider it. Workers' Comp is, after all, essentially a government-run health insurance scheme. Auto insurance liability and med pay coverage is basically health insurance, as are comparable homeowners' coverages.
On the one hand, the study posits that the rate increases will likely be "modest" - in the 5% range. But we really don't know, since the full effects are still to come.
Recently, my P&C colleague across the hall was complaining about homeowners' insurance rate increases, and I jokingly suggested that he do what I do, blame the ObamaTax.
Little did I know...
"The expansion of health insurance accomplished under the Affordable Care Act may alter costs for several major types of liability insurance ... Automobile, workers’ compensation, and general business liability insurance costs may fall under the Affordable Care Act, while costs for medical malpractice coverage could be higher"
It makes sense, of course, once one stops to consider it. Workers' Comp is, after all, essentially a government-run health insurance scheme. Auto insurance liability and med pay coverage is basically health insurance, as are comparable homeowners' coverages.
On the one hand, the study posits that the rate increases will likely be "modest" - in the 5% range. But we really don't know, since the full effects are still to come.
Recently, my P&C colleague across the hall was complaining about homeowners' insurance rate increases, and I jokingly suggested that he do what I do, blame the ObamaTax.
Little did I know...
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