Details of the $1.3 trillion federal omnibus spending bill were released on Wednesday, 3/22/18 and experts are already estimating at least a 10 percent rate hike for El Paso health insurance consumers.
The decision by the GOP-led Congress to not allocate money to stabilize individual coverage under the Affordable Care Act (ACA), commonly known as Obamacare, is notable given the promises made to moderate Republicans such as Sen Susan Collins (R-Maine) and Rep. Charlie Dent (R-Pennsylvania) for their support of the comprehensive tax bill signed into law earlier in the year.
The proposed changes which were being negotiated by a group of Senators from both parties were intended to “stabilize” the individual “Obamacare” market on public exchanges. Components would have included reinsurance programs and funds to assist consumers with co-payments and deductibles. However, the influence of more conservatives members from both houses of Congress prevailed in removing the proposals from the recent spending bill.
“I’m disappointed that Congress didn’t follow through on including these necessary funds in their latest bill. Bottom line, El Paso consumers will ultimately pay more for their healthcare. Families need more assistance in procuring health care, not less,” said Rick Thornton, an El Paso health insurance agent for Insurance4Dallas.
Health care experts have estimated that if these stabilization efforts are implemented, premiums for health insurance in El Paso (and nationwide) for those who purchase insurance on their own could fall by 10 percent in 2019 and and 20 percent in later years.
The Trump administration eliminated cost-sharing subsidies in 2017. These cost-sharing reductions (CSRs) assisted consumers enrolled in various subsidized plans pay for their co-payments and deductibles. Without the help from the federal government, health insurance providers have said less people will sign up for coverage which ultimately reduces the size of the individual markets and the number of options offered.
The Omnibus spending bill still required discussion and a vote by Friday, 3/23/18 or another government shutdown would have occurred. But few believed the ACA funding would be added back into this round of funding.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.