Obamacare premiums to rise 22% in 2017

Health insurance costs under the Affordable Care Act are expected to rise an average 22 percent in 2017, according to information released yesterday by the Obama administration.

However, federal subsidies also will rise, which means few people likely will have to pay the full cost after the rate increases.

"We think they will ultimately be surprised by the affordability of the premiums, because the tax credits track with the increases in premiums," said Kevin Griffis, assistant secretary for public affairs at the Department of Health and Human Services.

Open enrollment launches Nov. 1. People must pick a plan by Dec. 15 to receive coverage starting Jan. 1. The final day to sign up is Jan. 31.

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