Summary
Next year, many Americans may see their health insurance costs rise significantly. People who work for small businesses, are self-employed, or have retired early might be hit hardest by these increases. The expected rise is due in part to the expiration of enhanced tax credits that currently help make insurance more affordable.
Key Facts
- Health insurance costs for many Americans are expected to rise substantially next year.
- Small business workers, self-employed individuals, and early retirees are likely to be most impacted.
- Polls show that 81% of Americans consider health care an important issue, with 57% worrying about rising costs.
- Affordable Care Act plans may see average cost increases of around 20%.
- Employer health benefit plans might increase by over 6%.
- Enhanced tax credits that currently lower costs are expected to expire at the end of the year.
- People earning less than $100,000 per year could feel the burden of costs more strongly.
- Older adults, particularly those aged between 50 and 64, could be more affected due to age-adjusted premiums and lack of adjusted subsidies.
