Hoosiers that get their health insurance through the federal healthcare marketplace could see their premiums go up significantly. These tax credits, which helped to lower premiums under the Affordable Care Act, are set to expire this year.
If Congress doesn’t extend them, 300,000 Hoosiers could see premium costs skyrocket next year.
Without the enhanced premium tax credits, the research nonprofit KFF expects out-of-pocket premiums under the ACA will more than double for the average enrollee.
A single person making $50,000 annually could expect to pay over $400 a month for health insurance.
Former U.S. Assistant Secretary of Commerce for Economic Development Alejandra Castillo said the increases could cause people to choose between health care coverage and other basic necessities.
“Which then has yet another domino effect, which is you forgo health care, God forbid you have an emergency, you wind up in the hospital with an extraordinary medical bill," Castillo said.
Castillo said the ACA premium costs could impact hospitals. In a statement, Castillo said those who choose to be uninsured will resort to using the emergency rooms for their healthcare needs. She said this could force those cost on hospitals and taxpayers.
"You'll also see potential hospitals closing, particularly in rural areas, and we may see that across Indiana," Castillo said.
Castillo said both the House and Senate would have to agree to extend the subsidies — which would require the government shutdown to end.
Timoria is our labor and employment reporter. Contact her at tcunningham@wfyi.org.