IDAHO FALLS, Idaho (KIFI) —With the government shutdown approaching the two week mark, one of the biggest holdups in congress focuses on whether to extend the Biden-era tax credits for health insurance.
At the moment, the tax credits are set to expire. The average American who uses marketplace plans could see their insurance premiums more than double.
Local News 8 spoke with several insurance brokers about what they’re seeing for their clients, including insurance broker Brian McKellar with the Buckner Company.
“No, there’s an individual, she cuts hair,” McKellar said. “I know her well; she doesn’t make a ton of money. I’m pretty sure she supports her kids, too. She was paying $82. Hers is going to go to $292 if I don’t make any changes.”
That’s just one of several examples McKellar has seen over the past few days.
The reason for these increased costs is two fold. First, the amount of tax credits someone receives to help pay for insurance costs is cut dramatically. And second, those that make 400% or more over the poverty line no longer receive any tax credit at all.
“Either way, it’s costs that’s going to increase on these families, whether it’s in terms of deductible costs like risk costs or just premium cost,” McKellar said.
At a time when costs for everything are going up faster than wages, many insurance brokers, including McKellar, think that if the tax credits are not extended, many people will simply take the risk and go without.
“There’s 100,000 Idahoans that depend on this, and 30% is what they’re saying is going to probably drop coverage. Based on the analysis that I’m seeing right now, it could be true,” McKellar said.
McKeller has been contacting Idaho’s congressmen about the issue and urging them to find a solution for several weeks now.
You can follow some of McKellar’s thoughts and discussions about his interactions with Idaho’s congressional delegation on his social media page.
