High Health Insurance Costs, Expiring Subsidies Need Action
Rising Health Insurance Premiums And Expiring Subsidies Demand Action
Expiring health care subsidies and rising health care costs are expected to impact millions of Americans, with open enrollment set to begin for many on November 1. Despite assurances from Dr. Oz and the Trump administration, prices are going up more than just a few dollars.
Oz has incorrectly claimed that the analysis from the Kaiser Family Foundation (KFF) and other outlets is wrong, and healthcare premiums aren’t about to skyrocket.
According to the Kaiser Family Foundation, plans available through the ACA marketplace were already expected to increase 26%. But with the looming expiration of the enhanced premium tax credit, many getting insurance from the exchange can expect an estimated 114% increase.
In other words, a person’s monthly health insurance premium through the ACA marketplace could double.
Passed during the Biden-Harris administration as a part of the COVID-ERA relief, the enhanced premium tax credit reportedly benefits 22 million Americans. The expiring tax credits give an immediate benefit to workers, families, and, honestly, the entire community safety net.
But who needs facts when making life-or-death decisions? Everyone.
Employer-provided insurance is also going up, with amounts varying depending on how much a given employer will shift to its employees. According to reports, this is the largest increase in 15 years.
Some of these costs could also end up being passed along as rising costs for other goods and services.
Even if people are able to switch to a lower premium plan, there might be additional or even higher out-of-pocket expenses. Switching plans could also mean losing access to trusted providers, longer delays, and wait times. People will be forced to choose between care and the basics for themselves and their families.
For those keeping track of rising costs in food and other necessary goods, utilities like electricity, rent, mortgage, car insurance are out pacing wages. Most people cannot shoulder the burden of everything going up everywhere all at once.
Coupled with reported layoffs in recent weeks and more expected to come, it’s bound to hit certain folks really hard. And for Black folks, we know the hit is always worse.
There are better ways to do all of the things and yet the factions in control over the government and the special interests that back them do not want to see the average working person do better.
Right now the current administration would rather cut direct benefits to working people and their families and pass along rising costs instead of doing right by us. This is not good stewardship of our tax dollars.
So, yes, to extending and making the tax credits permanent. Yes to making necessary medications like insulin more affordable. And while we are at it go ahead and fund SNAP so the over 40 million people, many of whom are disabled, elderly, or children, can eat.
People need real options and relief. It’s why we pay taxes and participate in “civil society.” I’d rather have my tax dollars go to help support everyday people than subsidize yachts and private jets. Wouldn’t you?
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