The health insurance industry is arguing that new health reform regulations just issued by the Obama administration will result in sudden and sharp cost increases for health care.

America's Health Insurance Plans criticized the Department of Health and Human Services on finalizing the age rating restrictions included in the health care reform law on Friday—a move they say will result in an "overnight increase" in coverage for young people.

"Coverage needs to be affordable for individuals and families in order to achieve broad participation in the health care system," AHIP President and CEO Karen Ignagni said in a statement. "The new restrictions on age rating will result in an overnight increase in health care costs for people in their 20s, 30s and early 40s. This increases the likelihood that younger, healthier people forgo purchasing insurance until they are sick or injured. When this happens, costs go up for everyone, young and old."

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