Schumer: ObamaCare could raise premiums

The Senate's third-ranking Democrat said ObamaCare will contribute to rising health premiums unless regulators keep a close eye on insurers.

Sen. Charles Schumer (D-N.Y.) said the Affordable Care Act and rising healthcare costs could cause rates to go "through the roof." He added that the law will help curb cost growth in healthcare, and that insurance commissioners will play a serious role in protecting consumers from rate hikes.

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"Our insurance department is empowered to protect families, and we're going to watch them like a hawk to make sure they do," Schumer said, according to WHEC-TV in Rochester, N.Y.

"If they don't, these rates could go through the roof. It's in part because of ObamaCare, but healthcare costs have been going up by double digits for years and years and years.

"The good news is, in this bill, there's a way to stop it."

Schumer is the latest top Democrat to warn of ill consequences unless ObamaCare is implemented properly.

This week, Senate Majority Leader Harry Reid (D-Nev.) echoed a comment from Sen. Max Baucus (D-Mont.) that the law could become a "train wreck" without a strong rollout.

President Obama also acknowledged that implementation will include "glitches and bumps."

These leaders continue to support the law, which is expected to bring insurance, tax credits and new health benefits to millions.