Wisconsin Families Face Rising Costs as ACA Credits Expire

Article Summary –

Wisconsin residents who purchase their own insurance through the ACA marketplace may face significant premium increases if Congress does not extend the Affordable Care Act tax credits, potentially affecting affordability for families and small businesses. Approximately 110,000 residents could lose their coverage due to these price hikes, and more than 313,000 rely on the ACA marketplace with projected premium increases of over 100% without the tax credits. Some argue that the subsidies are too costly and that the insurance market should operate independently of federal aid, while opponents warn that higher premiums could lead individuals to forgo necessary medical care or drop their coverage entirely.

The ongoing Congressional debate on Affordable Care Act (ACA) tax credits has left Wisconsin residents bracing for significant health insurance premium hikes. These credits, vital for lowering ACA marketplace premiums, remain in limbo.

Without Congressional action, 110,000 Wisconsinites risk losing health coverage due to unaffordable premiums, impacting families and small businesses. The uncertainty affects small-business hiring and planning.

Mike Ohlinger, co-owner of Neenah-based OHMCO, highlighted insurance as a major challenge. “We’ve struggled to provide health insurance and still face obstacles,” he remarked.

Ohlinger noted their efforts with insurance brokers were futile, finding no affordable options for small businesses. He stressed the difficulty in attracting employees needing employer-based insurance. Over 313,000 Wisconsinites depend on ACA coverage, with potential premium increases exceeding 100% without credits. Ohlinger, personally reliant on the ACA for family coverage, faces substantial costs.

“Our premium payments rival our mortgage, excluding deductibles and out-of-pocket expenses,” he stated.

Experts warn that higher premiums could prompt more individuals to delay medical care or drop insurance, risking financial ruin if illness occurs. Critics argue federal subsidies inflate market costs and advocate for a self-sustaining insurance system.