A medical professional has alerted health insurance holders about potential premium hikes following reports of substantial increases.
Dr. Sherika Newman, a specialist in palliative care who operates her practice, Doctor in the Family, shared that her monthly insurance premium is expected to rise dramatically.
When the Affordable Care Act was introduced in 2014, it extended insurance coverage to millions of Americans.
However, some of the subsidies incorporated in the act are set to expire at the year’s end, causing many individuals to face significant premium increases in their health insurance.
While Democrats have advocated for the extension of these subsidies, Senate Republicans recently voted against a motion to extend them.
The proposed legislation did not pass, with a vote result of 51 to 48, falling short of the 60 votes needed to be approved.
“Our bill is the last train to leave the station. After this, we will not have time to try again before premiums shoot through the roof next year,” Senate Democratic Leader Chuck Schumer stated.
Dr. Newman revealed that her insurance premium is anticipated to increase from $100 to $800.
She explained to CBS News Atlanta: “My premium is around $100 now… and it’s going up to 800.
“My biggest concern is that we have millions of Americans that will become uninsured because the premiums are no longer affordable.”
According to Newman, the increase could lead to several consequences, such as a rise in emergency care and patients postponing treatment.
“We’re going to see a rise in emergent and urgent care needs over preventative and primary care needs,” she noted.
A woman with asthma shared that she’s stocking up on inhalers due to concerns about potentially losing her coverage soon.
Another individual, Stacy Cox, and her husband, informed the BBC that their insurance cost is $495, which could rise to $2,168 without subsidies.
“It’s horrific to actually see real numbers,” she expressed.
Cox explained to the outlet that if subsidies are not renewed, they might need to cancel their insurance and switch to an emergency policy, which does not cover routine or preventive care.
This poses a significant concern for them due to Stacy’s autoimmune disease and her husband’s hereditary cardiovascular condition.
“It’s horribly stressful, because what I know is that the emergency plan is not going to cover what I need,” she stated.