The average premium for health insurance plans under the Affordable Care Act is set to jump by 30 percent next year, according to a report.
Under the act, also known as Obamacare, Americans can purchase insurance plans through the federal government’s marketplace and receive support to pay the premiums based on their income.
But price rises could impact up to 17 million Americans who buy their health insurance through the government after final rates were reportedly approved by the Centers for Medicare and Medicaid Services, according to The Washington Post.
The price hike, coupled with the likely expiry of some subsidies introduced during the pandemic, will result in health insurance payments doubling or tripling for millions of Americans next year, according to the outlet.
Democrats have been calling for an extension of the subsidies, which Republicans have argued were never supposed to be permanent. The two parties continue to dispute the issue, which is central to the ongoing government shutdown, now edging toward day 25.
But a majority of Obamacare enrollees will still be eligible for support to lower their monthly premium costs even if the covid-era subsidies do expire at the end of the year.
The Centers for Medicare and Medicaid Services did not immediately respond to a request for comment.
In a statement to the Washington Post, spokesman Christopher Krepich said health plans costing less than $50 a month would be accessible to the average Obamacare enrollee, and accused Democrats of “fearmongering.”
“The administration will continue to take action to stabilize the ACA market and deliver cost savings for the American people,” Krepich added.
The Trump administration is set to open Healthcare.gov Monday, where Americans will be able to view the price hike as they browse health insurance price plans ahead of the November 1 open enrollment.
The price hike comes as a new AP-NORC poll this week revealed about 6 in 10 Americans are “extremely” or “very” concerned about their health costs going up in the next year.
It’s a worry that extends across age groups and includes people with and without health insurance.
Federal policies have left millions of people at risk of skyrocketing health insurance premiums or of losing their health insurance altogether. The findings show that many Americans are feeling vulnerable to spiking health care costs, with some expressing concerns about whether they’ll have coverage at all.
The Associated Press contributed reporting.
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