Millions of Californians are grinding their way through an inflationary cycle that hit 40 year highs over the summer. This year, they face another challenge that could feel bewildering or overwhelming: a sharp hike in health care costs. But to the companies making massive profits off that system, it’s just business as usual — and business is great.
According to Covered California, the state’s version of the health insurance exchange created under the Affordable Care Act, premium rates for people buying insurance in 2023 will increase by 6%. The agency attributes the rise, more than three times higher than any in the past four years, in part to “the return to normal medical trends that existed prior to the COVID-19 pandemic.” (Inflation likely also plays a part.)
