Residents in New York State could see healthcare premiums go up an average of 38% a month if Congress does not extend Affordable Care Act tax credits that are set to expire this month.
U.S. Senator Chuck Schumer said in Western New York, the average annual cost increase for a couple if ACA tax credits are eliminated would be $3,204 for an average cost increase per month of 38%, “The higher costs have been almost entirely driven by Trump’s massive Medicaid cuts, in particularly because of the Medicaid tax credit that were created in the ACA are about to expire. But Republicans in Congress are refusing to do anything about it.”
Senate Democrats have already tried to pass legislation to extend these tax credits three times, but Senate Republicans have continued to block it.
As insurers set rates for next year, New Yorkers are already starting to receive letters informing them of new, spiking health insurance rates. More than 140,000 New Yorkers currently qualify for premium tax credits, which lower their cost of coverage, and 80,000 New Yorkers will lose health coverage entirely if Congress fails to extend these credits.
Schumer has proposed legislation that keeps the government funded and extend premium tax credits indefinitely. The legislation also would reverse deep Medicaid cuts that have already caused hospitals across America to shut down while triggering layoffs across New York State. In Western New York, Kaleida Health announced it will close Buffalo Therapy Services clinics, leading to more layoffs.
The GOP reconciliation bill is also threatening coverage for 1.7 million New Yorkers on the Essential Plan, which provides low or no-cost coverage for working families. New York Republicans voted for the bill that is creating a $7.5 billion budget hole for New York State, putting the entire Essential Plan at risk. Approximately 450,000 New Yorkers are expected to lose access to New York’s Essential Plan as a result of the GOP’s healthcare cuts.
Rich get richer. Poor get poorer. They have all they need so little guys out on limb. Stop giving money to people who are not citizens. I’m sorry if they come they should figure out the way they can support themselves. We have to. But nope we get punished by our not so wonderful president.