The Street – Enrollment in the federal health insurance marketplace reached a record high this year. The increase was likely due to increased premium tax credits for the coverage and extended eligibility that was part of the American Rescue Plan signed by President Joe Biden in 2021, according to the Urban Institute.
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But the tax credits are due to expire at the end of this year. The Urban Institute says that if the enhancements are not extended, 3.1 million more people will be uninsured in 2023, and enrollees who remain will spend hundreds of dollars more per person on premiums.
And premiums are just the start. Many U.S. households do not have enough money available to cover the cost of a typical deductible in a private health plan, according to an analysis by the Kaiser Family Foundation. About a third of single-person households with private insurance in 2019 could not pay a $2,000 bill, and half could not pay a $6,000 bill, according to KFF.
