If you or someone you care about gets insurance through Healthcare.gov or a state-based marketplace, expect your rates to go up by 75% next year.
Ever summer, health insurance companies set their rates for the next year and submit those to state regulators. KFF analyzed those submissions, including the notes provided by the insurance companies, and learned that customers can expect an increase in their rates of 75% next year.
The cause? An expiration of enhanced premium tax credits provided by the American Rescue Plan Act of 2021 and extended by the Inflation Reduction Act in 2022. Those credits expire at the end of this year.
Those enhanced tax credits pushed many people to sign up for insurance through the Affordable Care Act but with those credits expiring, costs are expected to go up significantly.
If this describes you, now is a good time to research your alternatives or begin saving up for the big jump in prices. Experts believe many people, especially those who are healthier, to stop their health insurance and go the route of self-insurance.
Either way, you only have a few months to prepare for this price hike.
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