Austin health insurance may see dramatic dive in coverage if ACA subsidies stops

Health insurance in Austin and the boosted Affordable Care Act subsidies that come with it have proven to be a major benefit to millions of previously uninsured and underinsured Americans and their families. But if Congress does not extend enhanced subsidies for ACA coverage before the end of the year, approximately 3.1 million people could lose coverage or see premium hikes of hundreds of dollars. The news of this impending issue has been known for months after the Robert Wood Johnson Foundation released a study back in April.

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The analysis cited the combined effect of ending both the premium tax credits and the public health emergency from the pandemic as a perfect storm that could lead to “a tsunami of coverage loss.” This includes potentially lost coverage or premium hikes for individuals and families with health insurance in Austin. The ACA exchanges resulted in a record-setting enrollment of 14.5 million people for 2022, and the boosted credits were a big reason why. Researchers found that there will be nearly 5 million fewer people enrolling for coverage next year if the enhanced credits are not extended. This would amount to a 36.7% decrease. Kathy Hempstead, a senior policy adviser at the RWJF, said in a statement, “A several of progress in boosting the coverage rate to record levels seems inevitable if Congress does not act.”

Rick Thornton, an Austin health insurance agent , also pointed to an article in Fierce Healthcare that said another major fallout could be that people who earned more than 400% of the federal poverty level would lose tax credit eligibility and that “unsubsidized non-group enrollees would increase by 1 million.” The article went on to state that the groups with the greatest losses in coverage would include people with incomes between 138 and 400% above the federal poverty level. Thornton is optimistic that something will be done, but until then, Americans will be forced to play a waiting game.

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Created on Jul 27th 2022 02:07. Viewed 91 times.

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