The subsidies that cover a big chunk of health insurance premiums are set to expire at the end of the year, leaving many people with monthly payments soaring. For Laurel Vincenty and her husband Philip, who rely on the Affordable Care Act (ACA) for their coverage, the loss of these subsidies means a significant increase in their monthly premiums – up to $400 each.
Without the subsidies, average out-of-pocket premium payments are expected to double, from $888 a year to $1,904. Insurers will send renewal notices to ACA enrollees by mid-October, revealing next year’s coverage and premium costs. Some people may switch to lower-cost plans but often face higher deductibles.
As the government shutdown continues, Democrats in Congress are trying to secure votes by extending the subsidies. The subsidies’ expiration is a key point of contention, with many expecting a large number of enrollees to drop their coverage if they’re not extended.
Source: https://www.nbcnews.com/health/health-care/obamacare-subsidies-couples-insurance-premiums-are-set-go-almost-2000-rcna236478