Drew Dixon
If tax credits for the federal Inflation Reduction Act end at the conclusion of 2025, the Center on Budget and Policy Priorities says the impact on the Affordable Care Act (Obamacare) could be catastrophic.
The center released a new study showing health care costs could spike for the elderly and middle class families. While the tax credits aren’t set to expire until the end of 2025, the center is warning that if Republicans have their way, the financial burden could be crippling.
“Republicans are fighting to let these tax credits expire, which will make health care more expensive for the middle class,” the study concluded. “Hardworking families are counting on lawmakers to act, but Republicans only want to raise costs on middle-class families while handing out tax breaks to the rich. If Republicans get their way, premiums will skyrocket for over 20 million Americans, and 5 million Americans will become uninsured.”
The study found that should the tax credits expire, some families could see annual premiums jump more than $30,000. The nationwide average is less daunting, though still significant. The study estimates that on average a family of four would see monthly premiums skyrocket from about $900 now to nearly $1,600, an increase of more than $8,000 a year.
The study noted some of the states that could be hardest hit are represented by Republicans in the U.S. Senate.
“Premiums would at least double In 12 States, all represented by Republican senators. Premiums currently average about $672 a year for residents who receive tax credits in states that use healthcare.gov. Without the enhanced premium tax credits, the average annual premium payment would rise by 93 percent ($624) to $1,296 a year,” the study found.
While some Republicans may be tempted to let the tax credits expire, the study found that could be politically challenging for those wanting to get re-elected since polls conducted by Keep Americans Covered found 86% of voters endorse extending the enhanced premium tax credits.
7 comments
Michael
November 24, 2024 at 4:15 pm
78% of Republicans disapprove of ACA, so the Senate Majority in 2025 should let the associated tax credits expire too. And those same Republicans are complaining about the current U.S. average cost of gasoline at $3.05 per gallon….so I can’t wait for them to have their health insurance increase by $12,000 per year. Talk about bellyaching then.
Don’t worry, Trump’s ‘concepts of a plan’ can probably be developed in 5 years.
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November 25, 2024 at 1:05 am
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Ron Greiner HSA King at Save101.com
November 25, 2024 at 7:37 am
A 60-year-old couple with two children in Cody, Wyoming, zip code 82414, earning $250,000 annually, gets $40,344 in Obamacare tax credits to purchase Blue Cross Monopoly’s $46,668 Annual Premium (AP) with a MONSTER $9,200 deductible.
Yet a poor single-parent mother in Orlando purchasing Obamacare on her child earning $65,000 annually receives NO Obamacare tax credits because she earns too much, and the child’s premium is $477 monthly for Florida’s only PPO with a HUGE $9,200 deductible.
Let’s not pretend that Drew Dixon has any brains to be writing about dangerous, DEADLY, and EXPENSIVE Obamacare! I enrolled America’s 1st tax-free HSA in 1996 and am licensed nationwide. Should you listen to Biased Drew, a slimy reporter, or Me, an honest American? Drew is so worried about this Wyoming family’s $40,000 tax credit where the Florida mother gets NOTHING!
Mark
November 25, 2024 at 8:27 am
For gawd sakes, Florida Politics. Can you police your comments section? Work from home scams and and advertisement for Ron Greiner, HSA scam artist.
Ron Greiner HSA King
November 25, 2024 at 10:51 am
Why are tax-free HSAs; the centerpiece of Republican Healthcare Reform, a scam? Just because no Florida Republicans will say a word about deadly and dangerous Obamacare doesn’t mean Democrats won. It means Florida Republicans are timid and weak and afraid of Drew! How insane, Drew knows nothing.
Mark
November 25, 2024 at 5:07 pm
HSA’s work if you have money to put into them. It’s the same garbage talking point Paul Ryan used. If someone is living paycheck to paycheck it’s hard to have “extra” money to put into an HSA. Hence, they are a scam for a vast majority of working Americans. You’re welcome.
Fred S
November 25, 2024 at 8:17 pm
Reality finds end of tax credits for Obamacare would save taxpayers millions. Why is it one taxpayer’s obligation to subsidize another’s health insurance? Our government is nothing but a scheme to confiscate and redistribute wealth via a cavalcade of handouts and Ponzi schemes.
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