Significant premium hikes expected under Obama health law

WASHINGTON (AP) — Insurers will seek significant premium hikes under President Barack Obama's health-care law this summer - stiff medicine for consumers and voters ahead of the national political conventions.

Expect the state-by-state premium requests to reflect what insurers see as the bottom line: The health law has been a financial drain for many companies. They're setting the stage for 2017 hikes that could reach well into the double digits, in some cases.

For example, in Virginia, a state that reports early, nine insurers returning to the HealthCare.gov marketplace are seeking average premium increases that range from 9.4 percent to 37.1 percent. Those initial estimates filed with the state may change.

More than 12 million people nationwide get coverage though the health law's markets, which offer subsidized private insurance. But the increases could also affect several million who purchase individual policies outside the government system.

Going into their fourth year, the health law's markets are still searching for stability. That's in contrast to more-established government programs like Medicaid and Medicare Advantage, in which private insurers profitably cover tens of millions of people.