Millions of Americans rely on Affordable Care Act (ACA) Marketplace subsidies to make their health insurance more affordable. However, if the current enhanced tax credits are not extended, many people could lose their eligibility for these crucial financial savings.
According to a report from KFF (Kaiser Family Foundation), individuals and families who have benefited from expanded subsidies under the American Rescue Plan Act (ARPA) and the Inflation Reduction Act (IRA) may face higher premiums or lose financial assistance altogether if Congress does not act.
Who Could Lose Their Subsidies?
Middle-income individuals and families – Those earning slightly above the federal poverty level may see their monthly premiums increase significantly.
Lower-income enrollees – Many people currently pay little to nothing for premiums due to enhanced subsidies. If these are removed, coverage could become unaffordable.
Older adults – Older individuals who don’t yet qualify for Medicare could see some of the biggest premium hikes.
What This Means for You
If subsidies expire, your monthly premium costs could rise sharply. Many people who previously received zero-premium plans may need to pay more or even lose coverage entirely.
How to Prepare
✔ Stay Informed – Keep an eye on any policy changes that could affect your health insurance costs.
✔ Compare Your Options – If subsidy reductions happen, reviewing different plans could help you find a more affordable option.
✔ Get Expert Help – We can assist you in navigating changes and finding the best coverage for your needs.
We’re Here to Help
If you’re worried about losing your ACA Marketplace subsidies or need guidance on your health insurance options, we’re here to help. Contact us at team@rwealthgroup.com or call (813) 761-2836 to discuss your next steps.
For more details, read the full KFF report here: https://www.kff.org/policy-watch/who-might-lose-eligibility-for-affordable-care-act-marketplace-subsidies-if-enhanced-tax-credits-are-not-extended/