Tax credits for Affordable Care Act health insurance plans that over half a million Michiganders use are set to expire at the end of the year
Last week, a proposal seeking to extend ACA tax credits to lower premium costs failed in the Senate – and the House cancelled a vote on the subsidies. Michigan Public Health Association President Marcia Ditmyer says expiring tax credits will bring higher premium costs and may cause people to forgo insurance.
“if individuals don't have insurance, they're going to be going to emergency rooms rather than to doctors and the burden will end up costing more rather than reducing the cost, which is what they think it will do.”
A survey by the Kaiser Family Foundation found 6 in 10 ACA enrollees polled would not be able to afford an increase of $300 a year for their premiums. The KFF finds a household with an income of $35,000 could see premiums increase by over $1500 per year.
