The Obama administration just made a major announcement, confirming that not only will health care coverage get dramatically most expensive next year, but for many consumers, their options for coverage will greatly decline.
According to the Associated Press, consumers in 39 states will see a cost hike an average of 25% in 2017. And with major insurance carriers largely pulling out of the Obamacare market, 1 in 5 consumers will only have a single insurer to pick from.
Kaiser Family Foundation's Larry Levitt confirmed the effects of the changes next year, saying, "Consumers will be faced this year with not only big premium increases but also with a declining number of insurers participating, and that will lead to a tumultuous open enrollment period."
In their story, the AP also lamented that this news could be fuel for Republicans leading up to next month's presidential election.