North Texas doctor explains effects of ACA tax credits expiring
NTX doctors explain ACA tax credits ending
The new year brought an end to tax credit subsidies that helped more than 24 million people pay for health care coverage.
DALLAS - The new year brought an end to tax credit subsidies that helped more than 24 million people pay for health care coverage.
The big benefit that made Affordable Care Act insurance premiums more affordable ended when the clock ran out on New Year's Eve.
ACA tax credits expire
The latest:
Of the 24 million affected nationwide, some estimates say more than four million are located in Texas. Those people are waiting now to see if they will be able to afford their health insurance.
Premiums had been made more affordable by government tax credit subsidies, which expired at the end of December. So far, Congress has taken no action to fix healthcare costs.
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North Texas doctor weighs in
The situation is complicated by how individual premiums are calculated, says Doctor John Carlo, CEO of Prism Health North Texas.
What they're saying:
"I think there's going to be a lot of folks, particularly in the Dallas area, that are really going to struggle with these increased premium amounts. We're probably not even fully understanding that just yet because of how complicated this is," Carlo said.
There's now uncertainty about what your new higher premium may be.
"It's very individualized, and very specific to each individual's household income, how old they are and where they live in the state," said Carlo.
"They may not have gotten the premium notices yet, because those actually have yet to be fully calculated, so I think the real surprise is unfortunately going to be, I think, when you first get that first monthly invoice," Carlo continued.
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Carlo says most impacted will be middle-aged and middle-income folks, aged 50 to 64 who earn between $60,000 and $80,000 per year.
"These are small business owners, people that work for employers who don't offer health insurance. These are the folks who we think are going to have the biggest impact in getting those premiums paid for," said Carlo.
Carlo worries some will make the hard choice of going without health insurance.
"The big fear that we have is that people will delay care, and that's going to result in more costs down the line," said Carlo.
Time to check your coverage
What you can do:
If your insurance is through the ACA, now is the time to log into your account and check your costs.
Maybe consider choices if you need to change plans, but a less expensive plan may also come with less benefit.
You might be able to switch to a different plan before Jan. 15.
"It's definitely a good idea right now where there is still some opportunity to check that premium amount and make sure it's something that you can expect to afford or try to get your coverage changed, but it's going to get harder and harder as we go out through this year if they don't make any changes on the premium subsidies in Congress," said Carlo.
Possible fixes from Congress
What's next:
Congress could still act when lawmakers get back from their holiday break, and vote to extend the tax credits until a better plan is delivered.
That would be the break millions across the country and in Texas are hoping for.
The Source: Information in this article came from Doctor John Carlo, CEO of Prism Health North Texas.