"Health insurance premiums will soon double for tens of millions of Americans on average as a result of Republicans' marquee budget bill, a new report by Sen. Bernie Sanders's (I-Vermont) office reports, making health care even more unaffordable as the cost of living rises in the U.S. The roughly 24 million Americans who buy health insurance from the marketplace will soon see the impacts on their premiums for next year."
"This is a result of Republicans refusing to extend premium tax credits under the Affordable Care Act, Sanders's office wrote in a Senate Health, Education, Labor, and Pensions (HELP) report released Tuesday, citing the Kaiser Family Foundation (KFF). According to the KFF analysis, average Affordable Care Act premiums will go from $888 to $1904 a month annually. The rise in rates will also be caused by insurers proposing a raise in their rates by a median of 18 percent, the largest increase since 2018, when other Trump-era policy changes caused uncertainty, KFF found."
"Meanwhile, the Trump administration quietly pushed through a rule earlier this year that will allow insurers to raise premiums for marketplace plans and for millions on plans purchased through their workplace. Sanders's office reviewed state estimates for various family units, and found staggering price increases."
Approximately 24 million Americans who purchase coverage on the Affordable Care Act marketplace will face substantial premium increases next year after premium tax credits are not extended. Kaiser Family Foundation analysis projects average ACA premiums rising from $888 to $1,904 monthly, and insurers are proposing a median 18 percent rate increase, the largest since 2018. A recent federal rule permits insurers to raise premiums for marketplace plans and many employer plans. These changes will substantially increase out-of-pocket insurance costs and worsen affordability amid rising cost-of-living pressures, alongside policy provisions that deliver tax cuts to high-income taxpayers.
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