Changes to the Obamacare health insurance marketplaces are going to produce sharp increases in premiums, meaning purchasers will have to choose between paying a lot more for health insurance or go without, experts say.
Between the expiration of subsidies for buying Obamacare insurance that Congress is likely to allow to expire and the fact that insurers are raising their premiums by about 10%-20%, premiums are likely to skyrocket, according to Nick Hut, senior editor for the Healthcare Financial Management Association.
“This could all add up to a doubling of premiums for some folks,” Hut said.
While unlikely when the GOP is in power, Congress could extend the subsidies that are expiring, which would significantly reduce the premiums on the affected Obamacare plans.
“You’ll want to use healthcare.gov or your state Obamacare exchange to estimate what you’ll have to pay so you don’t get caught off guard and maybe keep an eye on the news headlines to track whether Congress does, in fact, let these higher subsidies expire,” Hut said.
And then think about possible alternatives, Hut said. Medicaid might be one, depending on your income bracket and whether you live in a Medicaid expansion state,” Hut said.
In addition, Hut said, some people on Obamacare have had access to employer-sponsored insurance but chose not to sign up, just because of the cost.
“Now, maybe, they could revisit that option.”