Examining the Cost of Losing Premium Tax Credit Due to Potential ACA Repeal
Today, Social Interest Solutions (SIS) released Potential Impact of ACA Repeal: Premium Tax Credits, the latest installment in an online series called the ACA Spotlight. The series, found on ACASpotlight.org, highlights the effects of the Affordable Care Act (ACA) on individuals and families.
Under the current ACA, lower-income enrollees may qualify for a premium tax credit to subsidize a health plan’s monthly premium costs. Potential Impact of ACA Repeal: Premium Tax Credits examines how premium costs for 2017 HealthCare.gov plans would increase for lower-income enrollees if premium tax credits were taken away due to an ACA repeal.
Online users can view data by state or county and compare how much more lower-income consumers would need to pay in premium costs if they no longer had access to the premium tax credits available under the ACA. For now, the ACA remains unchanged and premium tax credits continue to be available to those who qualify.
“If the ACA is repealed and current tax credits are no longer available, some enrollees could see their costs increase dramatically,” said Terri Shaw, Vice President, Policy from Social Interest Solutions. “For example, a 27 year old earning about $30,000 per year could face increases of more than $300 per month in many parts of the country.”
About 9.4 million people received premium tax credits on their 2016 HealthCare.gov health insurance.