Obamacare Premiums Set To Increase 22 Percent In 2017

Obamacare premiums are set to jump by double digits in 2017.

The Department of Health and Human Services says the average increase for 2017 benchmark premiums will be 22 percent.

CNN reports the average premium hides the differences between the states. For example, in Arizona, the benchmark plan's average premium will go up by 116 percent in 2017. DHHS officials say Arizona had the lowest rates of any states in 2016. According to the Slate, in California benchmark premiums will increase by 7 percent. In Massachusetts, their premiums will fall 3 percent.

CNN reports insurers are backing out. The number of carriers will drop from 298 in 2016 to 228 in 2017. DHHS health officials say five states will only have on insurer on the federal exchange in 2017. But, they say most Affordable Care Act customers will receive financial assistance.

CNBC reports Healthcare.gov customers will have an average of 30 insurance plans to choose from, with an average of 10 plans per insurer. 

According to CNBC, federal health officials say they expect 13.8 million people to sign up at Healthcare.gov by the end of open enrollment.