With open enrollment underway, Virginians face uncertainty over future of ACA tax credits

RICHMOND, Va. (WRIC) — The federal government has reopened after a 43-day shutdown, but the health care issue at the center of the historic 43-day standoff is still unresolved. As a result, many Virginia families are bracing for higher insurance costs.

The enhanced premium tax credit offsets the cost of some Affordable Care Act (ACA) plans and is set to expire at the end of the year. With open enrollment already underway, ACA policyholders are seeing their premiums spike.

An estimate from the State Corporation Commission found that a family of four making about $96,000 in Central Virginia could pay roughly $300 more per month without the enhanced subsidies.

Edward Riley, a licensed insurance broker in Virginia, said many of his clients are anxious about what losing the expanded credits could mean for their budgets.

“When we go over the plans, you can feel the anxiety coming from them, not knowing about having that credit or that subsidy to cover those premiums on a monthly basis,” he said.

Riley said the uncertainty is pushing some families to consider going without healthcare altogether.

“When someone has to make that decision between my health insurance and providing for my household, a lot of families, what I’ve been hearing, they’re going to say, 'hey, I was going to go without insurance,'” he said.

Keven Patchett, director of Virginia’s Insurance Marketplace, said rising premiums could have consequences for residents across the state.

“We are concerned about the impacts that rising costs will have on all of our customers in Virginia,” he said. “It’s important, and perhaps more important than ever, for Virginians to be good consumers of health insurance coverage.”

Patchett urged residents to seek guidance as they navigate their options for coverage.

“We have online assistance available, a wide range of instructional videos and other written resources,” he said. “We also have toll-free telephone service where Virginians can call and get answers to their questions. And finally, there are opportunities to get one-on-one help.”

Some Democrats and Republican senators have agreed to hold a vote next month on whether to extend the ACA tax credits.