Washington (AP) — Dinam Bigny, 52, has found himself increasingly reliant on a roommate this year, primarily due to soaring health insurance premiums that amount to almost $900 a month. Next year, these premiums are projected to rise by an additional $200, forcing Bigny to search for more affordable coverage options. He shared, I won’t be able to pay it, because I really drained out any savings that I have right now. It’s scary. Bigny’s story is not unique; he's representative of a larger trend among Affordable Care Act (ACA) marketplace insurance holders who continue to grapple with the financial strain of health insurance costs. A recent survey by the health care research nonprofit KFF reported that a significant number of enrollees fear their health costs will rise if Congress fails to extend essential tax credits that assist in covering premiums. Over 90% of current marketplace enrollees rely on these tax credits, and there's growing anxiety about affordability as more than half of survey respondents anticipate a considerable hike in insurance costs. This has spurred bipartisan support for extending the tax credits, further emphasizing the urgent need for legislative action as open enrollment continues. With deadline pressures mounting, individuals and families are left hoping for a resolution that addresses their precarious financial situations.
Rising Health Insurance Costs Cause Concern for Many Americans
As health insurance premiums climb, many Americans, including middle-aged workers, face financial struggles. A recent survey highlights the pressing need for extended tax credits to alleviate this burden.
Dinam Bigny, a 52-year-old from Virginia, exemplifies the financial burden many face from escalating health insurance premiums, which are set to rise by $200 next year. This increase comes as nearly 90% of Affordable Care Act enrollees expect their health costs to elevate without the extension of COVID-era tax credits. A KFF survey shows overwhelming support across party lines for extending these credits, critical for low-income enrollees who are currently struggling with high health care expenses.
