Potential Cost Increase in Marketplace Coverage for 13 million Americans.

Every day isn’t a good day in the health insurance industry. With premiums set to raise upwards of 50% for individuals that have coverage through the Marketplace (also known as the ACA, or ObamaCare.) In 2021 Congress signed the “American Rescue Plan” into law on March 2021, which increased the subsidy income cap to receive a subsidized premium. Of the 14.5 Million enrolled in a government, 13 Million receive subsidized premiums. If you are one of the ones who does have coverage through the Marketplace & receive a subsidized premium, expect higher premiums next year. Unless Congress acts quickly, enhanced subsidies you’ve been receiving for the last two years will disappear, affecting roughly 13 million Americans.

Most Enrollees, including self-employed & workers with no job-based health coverage, will be significantly affected. It’s uncertain whether Congress will revive the provision via other legislation that may try to get through before Open-Enrollment.

Here’s a hypothetical example, based on a report from the Congressional Budget Office: A 64-year-old with $58,000 in income — about 430% of the 2022 poverty level of $13,590 — has insurance through the Marketplace. The 8.5% limit currently in place means they would pay no more than $4,950 for premiums this year. However, if faced with a 400% cap on eligibility in 2023 (which it was before the “American Rescue Plan”), that same person would pay $12,900 for premiums annually because they’d no longer qualify for subsidies.

This is precisely what we are here for. The Marketplace isn’t the only way to secure coverage. Private Options, not subjected and based on your income, are available. These options are based on a health risk assessment to determine eligibility. These plans, on avg, are more affordable and provide lower deductibles & out-of-pocket exposure. In addition, Nationwide PPO networks. Even some options are guaranteed renewable till age 65. It’s important to speak to one of our licensed health coverage advisors to determine if you can be eligible for these options. Regardless of your current coverage situation, it’s essential to ensure you are in the best possible position from a coverage & cost standpoint. We are here to help. Reach out today if you are insured through the Marketplace, have general questions, need quotes, and want to compare options. Our team of licensed specialists will be here for you.