Ellen Allen, a 63-year-old nonprofit director near Charleston, W.Va., currently pays $479 monthly for ACA marketplace insurance and relies on enhanced federal tax credits. The pandemic-era credit expires at year-end, removing subsidies that have contributed to record Marketplace enrollment. A KFF analysis of filings finds the average enrollee will face about a 75% premium increase, with many experiencing larger spikes. Allen projects her premium could rise to about $2,800 monthly and anticipates up to $10,000 in additional out-of-pocket costs. High prescription prices make keeping coverage essential, and Allen is saving to cover next year’s higher premiums.
Allen lives near Charleston, W.Va., and directs a nonprofit called West Virginians for Affordable Health Care. She buys her insurance on Healthcare.gov, and right now, the 63-year-old pays $479 a month. 'I've been really happy with my coverage,' she says. All of that is changing soon. The federal tax credit that makes the coverage affordable for Allen and millions of other Americans expires at the end of the year.
The average enrollee will see their premium costs increase 75%, according to an analysis of insurance filings by the nonpartisan health research organization KFF. For many people, those increases will be even higher. Allen, who's well versed in these issues because of her job, used KFF's online calculator to estimate what her premium will be after the enhanced subsidies expire.
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