Health Insurance Prices Set to Skyrocket: What You Need to Know

Starting November 1st, people can begin signing up for health insurance through the Affordable Care Act (ACA) marketplace. However, there's a significant issue: Congress hasn't decided whether to keep the extra financial help that makes insurance more affordable for millions of Americans.

Potential Impact of Financial Help Cuts

Without this assistance, insurance costs could skyrocket. For example:

• A 60-year-old couple making $85,000 a year could see their annual premiums increase by over $22,600.
• A 45-year-old earning $20,000 in a state that didn't expand Medicaid could see their premiums rise from $0 to $420 per year.

This could lead to:

• More people going without insurance.
• More people choosing lower-quality plans.
• Insurance companies raising prices even more in the future.

Expert Advice

Experts recommend:

• Shop for insurance now, but do not make any final decisions until Congress decides on the financial help.
• You can choose a plan now and switch to a different one later during the open enrollment period if needed.

Choosing the Right Plan

Even if you're healthy, it's important to have some kind of insurance. You never know when a major health issue might arise.

• If you have minor health problems, consider a high-deductible plan paired with a direct primary care doctor.
• If you have serious health issues, look for a plan with a good network of doctors and a lower deductible.