Millions Of Floridians Are Seeing Substantial Increases In Their Obamacare Premiums

Approximately 4.7 million Floridians are poised to see large increases in their Affordable Care Act (ACA), or Obamacare, plan costs.

This major change is primarily due to the potential expiration of enhanced premium tax credits at the end of the year.

Impact of Expiration: If Congress does not extend the enhanced subsidies, millions of enrollees nationwide, including the 4.7 million in Florida, could see their out-of-pocket premium payments more than double on average in the next year. Florida has the highest ACA enrollment in the country, which is why so many residents would be affected by the expiring credits.

Anticipated Rate Increases: Insurance companies in Florida have proposed significant rate increases—with some projections for the market averaging around 34% before the tax credits are even factored in—citing higher healthcare costs and the expected loss of healthier enrollees due to higher prices.

Coverage Loss: Experts estimate that without the enhanced tax credits, around 1.4 million Floridians could lose their health insurance coverage.