TUCSON, Ariz. — Healthcare premiums could be significantly higher this year as enhanced subsidies are set to expire at the end of 2025.
Congress passed those subsidies in 2021, and millions of people have relied on them to get coverage over the past few years.
Anna Monterosso, an independent health insurance broker in Tucson, says she's seeing costs climb across the board and has had to deliver difficult news to her clients.
"With the subsidy enhancements expiring at the end of the year, carriers anticipate a lot of healthier people leaving the market due to affordability, so in response, rates have gone up pretty drastically, especially for individual plans, but we're also seeing some reverberations into the small business market as well," Monterosso said.
She says for businesses with fewer than 50 employees, costs are rising about 17% this year. For larger businesses, that price jump is anywhere from 30% to 68% higher than last year.
Individual and family plan costs are jumping too. For some, Monterosso saw jumps of multiple hundreds of dollars a month.
She says she's seen several people downgrade their coverage plans or even choose to go without insurance for the year altogether. But that could mean a life-changing bill if a disaster happens.
If you're signing up for a plan for next year, there are a few things to keep in mind:
- Go through Healthcare.gov to see if you do qualify for remaining subsidies.
- When choosing a provider, go directly to the company's website for the list of doctors and hospitals that accept their coverage.
- If you have the option to join your employer's plan, take another look. Monterosso says it may be the more affordable option now.
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