Rick Thornton, a Plano health insurance agent, says upwards of 3 million Americans could lose Affordable Care Act coverage in 2023 if blue-state lawmakers don’t find a way to extend subsidies.
Plano health insurance and the people who have it are waiting with bated breath as blue-state lawmakers figure out how to extend subsidies beyond 2023 for those enrolled in the Affordable Care Act. According to an article by The Gazzett, over 3 million Americans could lose their health coverage if Congress allows enhanced subsidies for insurance on the ACA exchanges to expire. This is a key item of unfinished business for blue-state lawmakers, who are also facing their own risks over the potential of losing their majorities in November. It is worth noting that if the additional subsidies expire, 3.1 million Americans will no longer have insurance, per the Urban Institute.
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The issue at play right now is that the subsidies in question were only meant to last for two years, The Gazette confirmed. At one point, an extension seemed inevitable through President Biden’s Build Back Better bill. But that bill was defeated twice — further calling into question the ACA’s long-term viability and threatening individuals and families with health insurance in Plano. As the article pointed out, “extending the tax credits without simultaneously increasing revenue would increase the federal deficit by about $25.3 billion in 2023. Over 10 years, the increase would balloon to $305 billion.” Biden has been calling on Congress to make the subsidies permanent.
Rick Thornton, a Plano health insurance agent , said that while everything appears on paper to be gloom and doom with this new report, the likelihood that millions of Americans will lose coverage with no available options in return is slim to none. Biden has been pushing for permanent subsidies despite his other initiatives and will continue leaning on key decision makers until the job gets done. The job should get done in the most amicable way possible, Thornton said.
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