Florida residents could face steep premium hikes as ACA subsidies near expiration
If your health care plan has Affordable Care Act subsidies, they're set to expire at the end of the year.
That could lead to higher premiums for millions of people in Florida alone.
Florida leads nation in enrollment
In Florida, 4.7 million people are enrolled in Affordable Care Act plans – the most of any state in the nation. Experts say many of them could end up paying more out of pocket for health care next year.
Cat Jaramillo said her health insurance is why she only had to pay a fraction of the cost of a procedure for a swelling hand.
"I think it was like $500 or something. Or less," Jaramillo said.
Subsidies keep costs manageable
She said it's the only way she was able to pay for her prescriptions for antidepressants and ADHD medication.
"Without insurance, that medication is well over $300. With insurance, it's $5," Jaramillo said.
Jaramillo said she's self‑employed and her insurance plan includes subsidies from the Affordable Care Act. That lowers her costs.
Jaramillo showed us her bills, which indicate she pays anywhere from $125 to $188 per month in premiums.
Costs could jump without credits
She said she went to a health fair to get an estimate on how much more she'd pay if those subsidies expired at the end of the year.
"Florida, I think, has the most to lose when it comes to these ACA tax credits being extended," said Scott Darius, the executive director of Florida Voices for Health. Darius said working‑class people will get hit the hardest with higher premiums if these subsidies end.
Few options if subsidies end
CBS News Miami asked Darius what people can do and what options they have.
"There aren't many options for people if we don't extend these tax credits. But what we've been advising people to do first is to make a list of priorities. What's the most important thing to you in terms of coverage?" Darius said.
Jaramillo is unsure about what to do. She says she's waiting to see if she'll get some relief from Washington.
"If I can't afford healthcare, then it throws up everything in the air. I just don't know exactly what I'm going to do it just puts me in a survival mode," Jaramillo said.
Enrollment deadline approaching
Darius said you have until Monday to sign up for the ACA market. He said if you don't sign up by then, your coverage could be delayed at least until February.