Maine’s health care system, as well as Mainers, could suffer another blow come the end of year if enhanced tax credits—that discount marketplace health care insurance premiums—are not renewed.
According to the nonprofit Health System Tracker, if tax credits expire at the end of the year, some Mainers could see their health insurance premiums increase by as much as $900 dollars per month.
Access to affordable health care has long been considered as one of the biggest successes of the Obama Administration. The Affordable Care Act was enacted in 2010, and with it came access to cheaper insurance premiums through the marketplace or what some call the exchange.
Each state has its own marketplace. Mainers use the CoverMe marketplace to access affordable health coverage in the state.
Matt Wellington from the Maine Public Health Association said CoverMe could soon become unaffordable if Congress members do not renew the enhanced premium tax credits that are set to expire at the end of 2025.
The enhanced premium tax credits discount marketplace health insurance.
All year, healthcare has faced immense pressure due to talks about massive federal and state cuts to Medicaid and Medicare. But MaineHealth’s chief of government affairs officer Katie Fullam Harris has continuously advocated for elected officials in Maine and Washington to adequately fund health care.
A few months ago, Congress passed the House Resolution 1 spending bill, which made more than $1 trillion in cuts to Medicaid and Medicare.
Harris said hospitals and health care providers are already functioning on razor thin budgets as they brace for the impact of those cuts.
Fullam Harris said with the tax credits, marketplace healthcare for some people would only increase by five percent, but without the credits, there would be a 122 percent increase for some cohorts of people.
She said many working class people use health insurance through the exchange will likely be unable to afford health care if those increases happen.
“Maine people cannot afford a $12,000 per year increase in their insurance cost,” Fullam Harris said. “They’ll rely on emergency departments far more, and they will not be able to afford medications and many things that they need to stay healthy. That is our biggest concern.” News Center Maine