Health insurance costs are rising sharply, making it harder for families to keep up, experts say.
Rick Young, a longtime insurance professional, says he hasn’t seen increases like this before.
“We have families that were paying 400 that are going to a thousand, we have people that were paying zero that are now paying a hundred,” he said.
The expiration of COVID-era tax credits, which helped millions afford coverage, is adding to the pressure.
Now that the government shutdown is over, Republicans say they will negotiate with Democrats about extending those credits. But reaching an agreement before they expire at the end of the year could be difficult.
“Our hope is that they’ll get together, sit down and figure out what is best for the American people in health care. It is to renew that subsidy even if it is just for another year to give us relief at this point in time,” Young said.
Young notes that these premium increases are a serious blow to family budgets.
“When we would see 10-11 percent increases, we would say that was unprecedented and it happened back in 16 and 17, and it was very difficult in that time, but this is way above that.”
The rising costs are also affecting health insurance carriers. Some have decided to leave the Michigan marketplace altogether.
“We’ve had three carriers get out of the marketplace here in Michigan that’s never happened before. Molina, Ambetter, and CareSource… Why? Because they said even at 25 and 30 percent, we’re still going to lose money,” Young explained.
With all these changes, Young advises consumers to consult a professional about their health insurance plans.
He says they can work with you to try to help you find the best deal.
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