"This year's Obamacare open enrollment period, which starts Saturday in most states, is full of uncertainty and confusion for the more than 24 million people who buy health insurance through the federal and state Affordable Care Act marketplaces. The fate of the enhanced premium tax credits that make coverage more affordable for 92% of enrollees remains up in the air, with the prospect of significantly higher premiums looming."
"In 2021, as part of a COVID-era relief package, the ACA premium tax credits were enhanced to lower costs for previously eligible people and expand eligibility to people with incomes over 400% of the federal poverty level (which amounts to about $63,000 for one person in 2025). But those enhancements, which were extended in 2022, will expire at the end of 2025 unless Congress acts."
"Average out-of-pocket premium payments for subsidized enrollees are projected to more than double if the enhanced tax credits expire, according to KFF, a health information nonprofit that includes KFF Health News. "The longer this goes on, the more damage is done," said Cynthia Cox, a vice president and the director of the Program on the ACA at KFF. "If someone logs on Nov. 1 and sees their premium doubling, they might just walk away.""
Open enrollment begins amid uncertainty for over 24 million ACA marketplace enrollees. Enhanced premium tax credits from 2021 lowered costs and expanded eligibility to incomes above 400% of the federal poverty level. Those enhancements were extended in 2022 but are scheduled to expire at the end of 2025 unless Congress acts. If the enhanced credits lapse, average out-of-pocket premiums for subsidized enrollees could more than double. Such increases could prompt some people to drop coverage. Marketplace shoppers should monitor legislative developments, review plan options, and prepare for possible subsidy and premium changes.
Read at www.npr.org
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