FLORIDA – Hundreds of thousands of Floridians are going without health insurance after federal subsidies that helped lower the cost of Affordable Care Act plans expired, according to a new Associated Press analysis.
About 440,000 Floridians dropped their ACA plans this year, the largest decline among states, the analysis found. The loss of the subsidies has left some families facing monthly premiums that are hundreds of dollars higher, even if they remain enrolled in the same plan.
For years, federal tax credits helped make ACA coverage more affordable for millions of Americans. Some consumers paid little or nothing toward their monthly premiums because the tax credits covered much of the cost.
Bill Green, founder of Green Insurance, said some customers who previously paid nothing are now paying $200 to $300 a month after losing their tax credits.
“Year over year, if they change nothing at all, they just stick with the same plan, they pay two or three hundred dollars a month for their plan, because they were losing their tax credit,” Green said.
Florida is particularly vulnerable because it has more marketplace enrollees than any other state, Green said. The state also has a large population of self-employed workers, small-business owners and early retirees who may not have access to employer-sponsored health insurance.
For consumers with serious medical conditions, Green said, comprehensive coverage through an employer-sponsored group plan or the health care marketplace may provide the strongest protections.
“The only two places to get major medical, guaranteed health insurance, everything should be covered, is either a group health plan or the health care marketplace,” Green said.
The best option depends on a consumer’s health, income and willingness to accept financial risk, Green said.
Healthier consumers may be able to consider off-exchange marketplace plans, which can sometimes cost less than plans sold through the marketplace. Short-term medical plans are another option. Despite their name, Green said, some may last up to three years.
Consumers who remain in the marketplace can consider plans with lower monthly premiums and higher deductibles. Accident or reimbursement plans may help cover some out-of-pocket expenses, but consumers should carefully review their limitations before enrolling.
Green cautioned consumers against going without insurance simply because they are healthy today. An unexpected illness or injury can result in significant medical bills.
Consumers generally cannot enroll in a marketplace plan outside the normal enrollment period unless they qualify for a special enrollment period. Open enrollment is scheduled to run from Nov. 1 through Jan. 15.
Green advised consumers to shop for coverage rather than automatically renewing their plans or dropping insurance. They should compare premiums, deductibles and maximum out-of-pocket costs and make sure they understand the limitations of any lower-cost alternative before signing up.
