Governor Ferguson, Democratic Congressional leaders urge extension of important reasonably priced well being care tax credit

On Jan. 1 a minimum of 80,000 Washingtonians might lose well being care if ACA’s Enhanced Premium Tax Credits are allowed to run out

BELLEVUE — At a press occasion Friday, Governor Bob Ferguson joined members of Congress at Overlake Medical Center in Bellevue to warn Washingtonians in regards to the federal authorities’s newest risk to well being care entry and affordability.

Unless Congress extends them, the Enhanced Premium Tax Credits below the Affordable Care Act will expire on the finish of this 12 months. These credit make non-public well being plans via the state’s Health Benefit Exchange extra reasonably priced. Without them, a minimum of 80,000 Washingtonians may very well be priced out of the trade and lose their well being care protection, compounding the well being care disaster already created by the administration’s cuts to Medicaid.

Ferguson spoke to reporters Friday alongside House Democratic Leader Hakeem Jeffries, Congresswoman Suzan DelBene (WA-01) and Congresswoman Kim Schrier, M.D. (WA-08), in addition to impacted neighborhood members.

In all, if these tax credit are allowed to run out, the estimated loss in financial savings for Washingtonians statewide totals roughly $285 million.

“The cruel attacks on health care access by the Trump Administration and Congressional Republicans are morally bankrupt,” Ferguson stated. “Failing to extend these common-sense tax credits is one more way the federal government is making health care less affordable and less accessible to residents across our state. Congress must act now to extend these credits and protect health care access for tens of thousands of Washingtonians.”

Right now, roughly 286,000 Washingtonians are enrolled in non-public well being care plans via the Health Benefit Exchange. At least 80,000 Washingtonians can solely afford their non-public plans from the trade due to the Enhanced Premium Tax Credits. If the credit go away, so do their well being care plans. For those that lose the tax credit however handle to maintain their protection, their premiums will enhance considerably beginning Jan. 1.

The financial savings from these tax credit are important. Washingtonians who use them save a median of $1,330 yearly in premiums. For seniors, it’s even better, with a median of $1,910 in annual financial savings.

If these tax credit go away, the state’s Health Benefit Exchange estimates {that a} household of three residing in King County making $52,000 a 12 months might see their annual premiums enhance fivefold, from $490 per 12 months to greater than $2,800 per 12 months.

As with the Medicaid cuts, rural Washington can be disproportionately affected if the tax credit expire. Residents in Central and Eastern Washington will see web premium will increase of 80 or 90 %. For instance, a senior residing in Yakima County making $41,000 a 12 months who’s at present paying $70 a 12 months in medical health insurance premiums might see these premiums spike to virtually $2,000 a 12 months.

Moreover, expiration of those tax credit would compound the devastating well being care disaster brought on by Medicaid cuts that had been beforehand handed by Congressional Republicans. The roughly 80,000 Washingtonians who might lose their well being care due to expiring tax credit could be along with the 250,000 Washingtonians who’re anticipated to lose their well being care on account of the cuts to Medicaid within the Big Betrayal Bill. In reality, the Health Benefit Exchange estimates Washington’s uninsured charge of 4.8 % might double if these tax credit expire on the heels of Medicaid cuts.

For extra details about Washington’s Health Benefit Exchange, go to www.wahbexchange.org.