Millions of Americans, including Stacy Cox and her husband, are preparing for a drastic increase in healthcare insurance costs if federal subsidies are not extended. The couple — who rely on these subsidies for access to affordable health insurance — are stuck with a jaw-dropping 338% increase in monthly premiums. Without the extra help, their monthly insurance premium would increase from $495 to $2,168. This jarring increase would require them to make still harder decisions concerning their healthcare needs.
That’s a grim reality for a growing number of people across the nation. Based on these estimates, upwards of 4 to 5 million people will lose their healthcare coverage completely if these subsidies die. Monthly insurance premiums would increase by an average of 114%. This proposed increase translates to another $1,000 a year for families such as the Coxes. The ramifications are especially dire for people living with pre-existing conditions. Stacy Cox not only has an autoimmune disease, but her husband has his own hereditary cardiovascular issues.
Currently, about 24 million people purchase their health insurance on the marketplace. Many of them have been eligible for tax credits that make their monthly premiums more affordable. Without these subsidies, about 7 million people will no longer be able to afford insurance and are projected to drop coverage entirely. This would be a disastrous blow to access for essential medical care to people in tenuous health circumstances.
Democrats are rushing to reauthorize these critical healthcare subsidies, at the same time as they push to restore cuts to Medicaid. They argue that extending the subsidies is crucial for maintaining health coverage for millions and have made it a condition for resolving the ongoing federal government shutdown.
There is a powerful counter-current among GOP lawmakers who have savaged the subsidies, especially as they are associated with the Affordable Care Act, which they detest. Republican leaders claim that healthcare issues should be addressed apart from negotiations on government funding. She and Rep. Lee urge a broader, longer-term approach when the government reopens.
And time is quickly running out before these critical subsidies expire at the end of this year. Lawmakers do not want to be seen as dragging their feet when the nation is clamoring for action. Stacy Cox shared her concerns about moving away from the use of place-based or environmental linkages, saying,
“It’s horribly stressful because what I know is that the emergency plan is not going to cover what I need.” – Stacy Cox
Should the young couple have to drop their health plan due to affordability, they’ll only be able to acquire catastrophic coverage. Unfortunately, that’s still not enough to address the cost of routine or preventative care. This transition would have a devastating impact on the ability of these constituents to adequately treat their chronic health conditions.