Health Insurance Premiums Set to Rise for Millions as Subsidies Expire
WASHINGTON – Millions of Americans who purchase health insurance through the Affordable Care Act (ACA) marketplaces are facing potential premium increases as enhanced subsidies, implemented during the pandemic, are set to expire at the end of the year. The Congressional Budget Office estimates 4.2 million more people will be uninsured over the next decade consequently.
The expiring subsidies have shielded individuals and families from significant cost increases, but without them, many are bracing for substantial jumps in monthly premiums. Open enrollment for healthcare.gov begins November 1.
Allen, a West Virginian who will turn 65 next year and become eligible for Medicare, currently relies on an ACA plan due to expensive prescription medications. She noted asthma medication can cost $700 a month, while eye drops for her vision needs run $800 monthly. While she anticipates potential costs of $10,000 on top of her current premiums, she stated, “At least it’s for only nine months or eight months, and I’m glad I can do it. There will be a lot more West Virginians who can’t.”
Sidney Clifton, 54, of Pasco County, Florida, also benefits from subsidies that bring his $1,100 premium down to $298. He fears his portion could rise to between $800 and $1,000 next year. “A thousand would be really, really pushing me hard,” Clifton said.He is considering seeking employment at a larger company offering benefits, or even, jokingly, “find me some woman and get married again – that has insurance.”
Some individuals, unable to afford the increased premiums, are considering foregoing insurance altogether, opting to “roll the dice” on their health.
Congress could still act to extend or modify the subsidies before open enrollment begins. Rates are also subject to change before November 1.
