In 2023, thousands of Americans may end up seeing a steep increase in their healthcare premiums under the Biden administration.
The Affordable Care Act, which is Obamacare, was strengthened using the American Rescue Plan.
This has been helpful for 2022, as costs were reduced under the ACA by an average of 40%.
This means the cost of premiums may increase by over $12 billion dollars if subsidies aren’t extended.
The average person might see their premium jump over $700.
The average premium will go from $1,332 to $2,040, according to The Sun.
Over 14 million Americans get their healthcare through the government ACA marketplace.
West Virginia is expected to be hit the hardest with over 23,000 residents using the ACA.
Their rates would rise to $1,536.
Advocates are asking that Congress take this seriously and prevent the increase from happening with an extension.
Why hasn’t an extension been made for ACA healthcare premiums?
Congress and Democrats are struggling to extend things for Americans.
Most notably, Congress failed to extend the child tax credit into 2022.
The next enrollment date for ACA healthcare is Nov. 1, 2022, and Americans may be shocked to see the prices for 2023.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].