LANSING — Medical providers are continuing to warn that expiring healthcare subsidies could ratchet up prices for consumers.
Michigan residents could see their rates rise in this year’s Affordable Care Act open enrollment period, which kicks off on Nov. 1.
In Michigan, enrollment in the ACA marketplace has more than doubled since 2020, now totaling over half a million.
Providers say that consumers should be prepared for a sticker shock once new rates are implemented.
Earlier this year, Michigan insurance providers requested an average 16% rate hike for their new plans.
Adding to the concerns are enhanced affordable care act subsidies, which save Michigan residents an average of $380 a month in premiums.
“I worry that many families will stop seeking the care that they need,” said Dr. Farhan Bhatti, Michigan’s lead for the Committee to Protect Healthcare. “I worry that my patients will stop seeking the care that they need. With more and more patients losing their insurance, it will get increasingly difficult for my clinic to stay afloat, too.”
The Enhanced Affordable Care Act subsidies are at the center of the federal government shutdown.
Democrats have withheld their votes to fund the government in an effort to extend the program, which will expire at the end of the year without action.
“Between federal Medicaid cuts and the potential expiration of the Enhanced Premium Tax Credits, we are headed for a health care catastrophe in our country,” Bhatti said.