Source: 9News
Approximately 280,000 Coloradans enrolled in Affordable Care Act health insurance plans face steep premium increases as open enrollment begins Nov. 1. Enhanced tax credits are set to expire and premiums are projected to rise an average of 170% statewide, according to Democratic Governor Jared Polis’ office.
Chelsey Baker-Hauck, a self-employed Denver resident, estimates her healthcare costs will consume up to 40% to 50% of her income under the new rates. Baker-Hauck relies on multiple medications and biweekly immunoglobulin infusions through a chest port to manage long COVID complications. The virus left her immune system unable to function properly.
“Not having health insurance isn’t an option,” Baker-Hauck said. “I’m stuck — I honestly I don’t know what I’m going to do like come Jan. 1st — I don’t know what I’m going to do if this doesn’t get fixed.”
The Colorado Consumer Health Initiative projects approximately 80,000 Coloradans will drop their ACA insurance plans this year due to affordability issues. Priya Telang, who works with the health care advocacy organization, warned the loss of coverage will have widespread consequences for many people.
Chelsey Baker-Hauck, a self-employed Denver resident, estimates her healthcare costs will consume up to 40% to 50% of her income under the new rates.
“This is going to hurt people. People can’t afford to lose their coverage,” Telang said. “It’s going to impact their general health and quite frankly, it might kill them.”
The state estimates an average premium increase of 170% for some consumers with the loss of enhanced tax credits. Telang said the impact will extend beyond the individual marketplace. As more people become uninsured, hospitals face increased unpaid bills, potentially leading to higher medical costs and insurance premiums across all coverage types.
“When we have a significant portion of Americans that are going to be cut from their coverage, it’s going to ripple across hospitals,” Telang said. “It’s not just subjective to the ACA marketplace. It will apply to private insurance. They’re going to increase their rates because of the instability in the market.”
Baker-Hauck, who has been self-employed for a decade and used marketplace insurance for much of that time, said financial security has evaporated. She and her husband have depleted their savings and his retirement funds.
“Do I stop taking medicines I need? Yeah, I’m going to have to. Do I stop eating? Yeah, I’m going to have to. Do I stop heating my home? Yeah, I’m going to have to,” she said. “Those are all the things I’m going to have to do as a middle class American to afford health care in this country.”
With open enrollment set to begin next week, Baker-Hauck urged Congress to extend the tax credits for the sake of those who will likely have to make tough decisions if they don’t.
“This issue of the expiring enhanced tax credits needs to be solved, like, yesterday,” she said.
