On Friday, October 3, the Kaiser Family Foundation (KFF) released the results of a recent poll, indicating that three-quarters (78 percent) of adults believe Congress should extend the enhanced tax credits for individuals who purchase their own insurance through the Affordable Care Act (ACA) Marketplace.
The findings follow a deadlock between Republican President Donald Trump and congressional Democrats, leading to the U.S. government shutdown on October 1. A major sticking point in negotiations was Democrats' demand to extend tax credits and subsidies for Americans getting health insurance through the ACA marketplace exchanges, while Republicans insisted on ending that form of financial support.
The healthcare consumers' advocacy group Families USA’s Executive Director Anthony Wright previously warned that if the current premium tax credits are not extended, insurance companies will lock in their rates for next year, and they will be sky-high compared to what consumers paid this year. “I don't think people fully realize the extent, the dramatic eye-popping nature of these increases,” Wright said.
KFF’s poll confirmed that about six in ten adults indicated they had heard “a little” or “nothing at all” about the expiring ACA subsidies, highlighting the widespread lack of information on the cost of coverage for over 24 million people in the U.S.
KFF reported that seven in ten adults who purchase their own health insurance said that if their monthly premiums nearly doubled, they would struggle to pay the higher cost. Additionally, four in ten said they would go without health insurance coverage if the premiums nearly doubled. About a third stated they would continue paying for their current coverage, while two in ten would seek insurance from another source.
After the poll was published, shares of UnitedHealth rose by 3 percent, Humana increased by 8.8 percent, Elevance gained 4.6 percent, Centene moved up 4.4 percent, Cigna jumped 5.6 percent, and CVS Health went up by 1.5 percent, as reported by Reuters.
