Millions of Americans will be paying more for health insurance this year.
That’s because tax credits that helped people pay for plans on the federal marketplace known as Obamacare have expired.
Jeremy Koulish says he lost his job in the spring, forcing him and his wife to get insurance through the marketplace.
He says their current plan costs $392 with tax credits, but those subsidies are now gone.
“Sadly it’s no longer going to be affordable,” said Kaulish. “Without subsidies, it would be something like $1,608.”
Millions of Americans are in a similar dilemma.
KFF estimates 24 million people signed up for insurance through the Affordable Care Act in 2025.
Of those enrollees, roughly 92 percent received subsidies. Without those tax credits, KFF says average annual premium costs could rise by 114 percent.
Xonjenese Jacobs is an insurance navigator in Florida. Every state employs navigators who are available to answer your questions for free.
“People simply can’t afford some of the premiums that have been happening in this coming year,” said Jacobs. “If they know what kind of prescriptions they’re going to need, or what kind of doctors appointments they’re going to need to go to, or other procedures they’re going to have, make sure we walk through the process by looking at each one of those plans that fit within the confines of their budget.”
ADDITIONAL OPTIONS
Many states have expanded the income qualifications for Medicaid. Go to healthcare.gov/lower-costs to see if you qualify.
Private insurance plans can have lower premiums but out of pocket costs can be higher and there may be more services not covered.
Short term medical plans can have low monthly premium costs but very high deductibles.
To help lower prescription costs, many big pharmacies recommend using coupons through GoodRX. It’s free.
The AARP also offers free prescription discount cards.
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