MIAMI VALLEY — About 24 million Americans get their health insurance through the Affordable Care Act (ACA) marketplace.
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As reported on News Center 7 Daybreak, over 90 percent currently receive some tax credit, which helps keep those premiums down. They are scheduled to expire at the end of the year.
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It’s all about the client for Joe Stamps, owner of Stamps of Approval Hair Studio in Fairborn.
“This is my main income. This is it,” he said. “I wish I could get another job, but then my clients would be mad at me.”
News Center 7’s Nick Foley says that Stamps is upset about the projected premiums in the ACA marketplace.
Self-employed workers, small business owners, or those who can’t get insurance through their employers are now navigating rate increases in open enrollment.
For Joe Stamps, owner of Stamps of Approval Hair Studio, that means a premium of around $500 a month.
“If you already have pre-existing conditions, of course, each time you tell them, I have this, I have that, it just tacks on a little bit more,” he said. “And it’s like, it’s frustrating, really.”
Emma Wager is a senior analyst for the Kaiser Family Foundation (KFF). Her group estimates that the average person who buys insurance through the ACA market will see their premiums more than double in the New Year.
“If the premium tax credits were to expire, you’re going to see massive growth in the amount of premium that you have to be paying every month for your health insurance,” she said. “It’s a significant expense for any American family, and it’s obviously a concern that people may choose to go without insurance, which has its own downstream implications.”
Some people in Ohio will see health premiums increase.
KFF estimates that a 40-year-old man making $32,000 per year will see increased premiums by over 200 percent or $122 each month for a benchmark plan that includes minimum health benefits.
A 60-year-old couple will see their plan skyrocket by over 250 percent or around $1,500 per month for the plan, according to KFF.
“Most people really just can’t afford that kind of monthly cost for health insurance, especially people who are at lower or middle incomes to begin with,” said Wager. “It’s a significant expense for any American family, and it’s obviously a concern that people may choose to go without insurance, which has its own downstream implications.”
Stamps told Foley that he relies heavily on faith, but says the projected cost is too much.
He plans to use CareSource to pick and choose plans to help with dental work.
Stamps is one of 4 million people that KFF estimates will go without full insurance if the tax credits expire.
“That’s just really one day at a time, trusting God to take care of me, because the system does not seem to work for you, but they will use you to make money from you,” he said. “So, it’s just one of those things.”
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