How to Respond as Trump Chips Away at the ACA

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Just about every news outlet carried some version of the story on Thursday that the administration would end the Affordable Care Act's (ACA) cost-sharing reduction payments designed to help low-income Americans get health care. Not paying the subsidies, health care experts have warned, could send the health insurance exchanges into turmoil. The implications are significant for many. These are the key points:

• Insurers must continue providing cost subsidies, as required by the ACA but they won’t be reimbursed.

• Having anticipated that such an elimination could occur; some insurers have substantially raised rates for 2018-anywhere from 2% to 23%. It is anticipated that those who haven’t will either now try to do so or pull out of the exchange.

• If you are already receiving subsidies you won’t have to pay much more. However, you may need to switch plans to rates the same. The big impact will be on middle class Americans who earn too much to get premium subsidies, and would be adversely impacted by higher rates.

• Because of Trump’s abrupt withdrawal of payments, ACA insurers are going to have pay for the last three months of the year. It is anticipated that some, if not all, insurers will take legal action.

• The skyrocketing premiums will also hit taxpayers. Trump's move will actually cost the federal government an estimated $7.2 billion more next year because it will have to shell out more in premium subsidies to cover these higher rates, according to an Urban Institute analysis.

Since the November election, I’ve been posting various articles about ways to prepare and protect.

• What to Do Now that Trump is Elected

• Affordable Care Act-What to Know, What to Do

• The Importance of Social Capital for those Affected by Chronic Conditions

• How to Avoid Unnecessary Care 

• Shop Around for the Best Pharmaceutical Prices 

• Healing the Whole Person: Ways to Increase Well-Being When Living with a Chronic Condition

• Living within your means: Un stuff yourself 

• Ways to Save Money on Monthlies (Bills)

• Health Costs: When you have some money but not enough.