Washington, D.C. — A new analysis from the Center for American Progress shows that congressional Republican plans to slash Medicaid funding and let the Inflation Reduction Act’s enhanced Affordable Care Act (ACA) premium tax credits expire will increase insurance costs for millions of Americans. The analysis finds that ACA premiums will increase by thousands of dollars if slashing Medicaid forces states to eliminate their Medicaid expansions and if Congress fails to extend the enhanced premium tax credits beyond 2025.
For example, a young adult making $61,000 living in New York City would pay an additional $6,540 in insurance premiums each year. Meanwhile, an older couple with joint earnings of $84,000 living in Boise, Idaho, would pay an additional $18,792 in premiums.
Millions of families rely on the Affordable Care Act and Medicaid to access quality health care that doesn’t break the bank. These cuts could spell financial ruin for many of these Americans.
“Medicaid expansion and the enhanced premium tax credits keep health care affordable for millions across the country,” said Andrea Ducas, vice president of Health Policy at CAP and co-author of the analysis. “These proposals would dramatically drive up costs for Americans across ages, income levels, states, and family type. The hurt would not discriminate.”
Read the column: “Congressional Republicans’ Health Care Plans Will Rip Away Coverage and Increase Costs” by Natasha Murphy and Andrea Ducas
For more information or to speak with an expert, please contact Colin Seeberger at [email protected].