Consumer Advocates: New Proposed Healthcare.gov Rates Are a Call to Action for Congress on Health Care Affordability

08.02.2024/Statement

Consumer Advocates: New Proposed Healthcare.gov Rates Are a Call to Action for Congress on Health Care Affordability

WASHINGTON, D.C. - Anthony Wright, incoming executive director of Families USA, issued the following statement in response to the release of proposed Healthcare.gov insurance rates for the upcoming year. Rates are not final until November 1, 2024.

Key Takeaways:

• While the vast majority of families in the insurance marketplaces are shielded from rate increases into next year because of enhanced tax credits in place today, the real rate spike will be next year and will be massive if these credits expire.
• Families should take advantage of this additional affordability assistance, and fight to keep that financial help and further reduce the cost of coverage and care.

"These rates highlight that health care affordability is a growing problem, which alarms voters across political parties and backgrounds. Under these newly released health insurance rates, premiums for all individual and small group insurance plans in many states are increasing at a rate outpacing inflation, posing a financial threat to families already struggling to make ends meet. Thankfully, existing enhanced tax credits will shield the vast majority of marketplace enrollees from paying more than a percentage of their income for now, but that financial help expires next year."

"These premium increases should be a call to action for policymakers to extend additional affordability assistance like the enhanced tax credits in place today - and to also address the underlying drivers of high health prices. We need to confront the root causes of these premium increases, including high prescription drug and hospital prices, which impact both individual marketplace and employer-sponsored plans.

"Although the existing premium tax credits offer significant affordability assistance enabling an additional five million people to enroll in marketplace coverage this year, Congress has yet to make them permanent. We urge them to do so now -it's long overdue and families can no longer wait. In the meantime, consumers should shop and compare, and take full advantage of this additional affordability assistance in this upcoming enrollment season - and then fight like hell to protect and extend it."

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Families USA, a leading national voice for health care consumers, is dedicated to the achievement of high quality, affordable health care and improved health for all.