Blue Cross Blue Shield Association Proposes Steps to Cut Premiums 33 Percent and Increase Coverage
The proposals would cut premiums by a third and increase enrollment, in part, by adjusting existing federal programs for financial assistance so that more people qualify, while providing a means to help pay for the care of those with the most significant medical needs.
Since its implementation, the Affordable Care Act has made insurance coverage available to millions who previously were uninsured, and 90 percent of Americans now have health coverage. But the marketplace has been marked by instability, and rising premiums have made purchasing coverage difficult for those who do not receive financial assistance.
"We believe everyone should have access to coverage and care, no matter who you are or where you live," said
Key BCBSA proposals include:
- Enhanced tax credits to make coverage more affordable, particularly for younger people. The expanded financial assistance would be structured so that no one purchasing in the individual market would pay more than 12 percent of income for health insurance.
- Establishment of a sustained, federal funding system to support the cost of caring for those with the most significant medical needs.
- Enhanced outreach and enrollment efforts to encourage more people to obtain and maintain insurance coverage.
If all proposals were fully implemented, BCBSA estimates that premiums in the individual market would drop by an average of 33 percent, and an additional 4.2 million people would be able to obtain coverage.
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