Half million Floridians could lose medical insurance in 2023, study says – InsuranceNewsNet

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TAMPA, Fla. (WFLA) — If the federal Premium Tax Credits expire on account of legislative inaction in U.S. Congress, over half 1,000,000 Floridians will lose their medical insurance. The PTCs were arrange through the American Rescue Plan Act of 2021, which temporarily expanded eligibility to pay for medical insurance through 2022.

To this point, U.S. Congress efforts within the House and Senate have didn’t finalize a plan to increase the PTC credits, putting over 3 million people liable to losing their health care coverage, purchased through the market arrange by the Inexpensive Care Act of 2010.

Of the three.12 million across the U.S., based on estimates by the Robert Wood Johnson Foundation and Urban Institute, 513,000 of those that would lose their insurance are Florida residents. That is 16% of Americans liable to losing their health care coverage.

For Florida, the variety of uninsured residents would grow by 24.8% in keeping with the estimates within the study. It might also mean a greater than $5 million drop in total spending on health take care of nonelderly residents within the Sunshine State.

“States with the biggest losses include non-expansion states comparable to Florida, Georgia, and Texas, which saw large enrollment growth in 2022 with the improved PTCs,” the evaluation reported. By non-expansion state, the evaluation refers to states which haven’t expanded access to Medicaid or Medicare.

Residents at highest risk for lack of coverage on account of PTC expiration are those living below the federal poverty line. Americans who’re currently eligible without spending a dime coverage on silver plans, those who live at 150% or below on the FPL, meaning individuals earning lower than $20,385 per yr, or a family of 4 with a household income of $41,625, can be required to pay premiums “a mean of $457 per person per yr.”

FamiliesUSA, a healthcare advocacy organization, said that ought to the PTC credits expire, premiums for American consumers will go up 53%. The common cost per person for premiums is currently $960, in keeping with FamiliesUSA. They said if ARPA’s health provisions will not be prolonged, Floridians could see their go up as much as 61%.

The Centers for Medicare & Medicaid Services reported 2.7 million Floridians currently get their medical insurance from healthcare.gov, the insurance market created by the ACA, a 28% increase over 2021.

For Florida residents, FamiliesUSA said the associated fee for medical insurance would increase by greater than $1.6 billion in 2023.

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