The government shut down is taking place, largely because the two sides can’t agree on healthcare
SAN ANTONIO — We are now a week and a half into the government shut down, which has been largely triggered by lack of a bipartisan agreement over healthcare coverage. Depending on which side gets their way, your health insurance premiums could skyrocket in less than three months.
In 2021 The American Rescue Plan Act increased the amount and availability of Affordable Care Act Premium Tax Credits. Those credits were extended in 2022 but are set to expire at the end of this year.
“This was allowing individuals and families to have the peace of mind that if something would happen to them, they have health insurance and that they can help, make other payments or put their kids in college or daycare,” Ed Banos, the CEO of University Health said.
The Kaiser Family Foundation found that if subsidies expire at the end of this year, premiums will more than double for subsidized Marketplace enrollees. Taking the average annual payment from $888 this year to $1,904 in 2026. A family of four would see their payments jump from $2,498 to a whopping $5,865!
“Folks have to make a choice whether it’s going to be to put food on the table, perhaps in some extreme cases, or to go see the doctor,” Andy Strunk, the CEO of Accretive Edge added.
Some tips when shopping for health insurance:
- Look for the best policy to meet your budget.
- Know your needs and match them to your options as best as possible.
- Save money by knowing how to use the plan you’re thinking of choosing.
- Understand how health insurance works overall.
But a big concern in the healthcare community is what happens if many choose to forgo insurance.
“They may just choose not to go to see their providers as frequently because it becomes more expensive,” Strunk said.
Banos added, “They’re going to be utilizing safety net hospitals like University Hospital or even the other hospitals in town when an emergency happens, and that that will lead to a higher increase of uninsured patients.”