Center on Budget and Policy Priorities: Senate Bill Still Cuts Tax Credits, Increases Premiums and Deductibles for Marketplace Consumers

This analysis of the Senate’s Better Care Reconciliation Act from the Center on Budget and Policy Priorities highlights the bill’s impact on individuals that will continue to use the federal health insurance marketplace to obtain their health insurance. Under the Senate bill, deductibles could increase to an average of $6,300, more than double the current average. Older Americans would be faced with dramatic increases in their premiums because the Senate bill allows health plans to charge seniors up to five times the amount of premiums charged to other adults. The lowest income Americans would lose cost-sharing tax credits that currently help them pay their health insurance premiums, deductibles, and other co-payments. The Senate bill also eliminates any tax credits to assist with the payment of premiums for individuals and families with incomes between 350% and 400% percent of the federal poverty level. All this means that millions of working individuals and families would not be able to afford health insurance.

The policy brief also has useful graphs that shows the impact in specific states: for example, a 60-year old in Alaska with an income of 350% of the federal poverty level would face a health insurance premium increase of $8,650 AND lose $22,380 in tax credits in 2020.

Link to Original Source

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