What the ACA marketplace could mean for your health insurance premiums

COLUMBUS, Ohio (WCMH) — Thursday is the deadline for open enrollment for the Affordable Care Act marketplace. Thousands of Ohioans could see their health insurance premiums increase within days.

Brian O'Rourke, with the Health Policy Institute of Ohio, explained that because Congress did not extend the Obamacare subsidies before the end of 2025, many people will see rising premiums. He noted that it opens the door for more people to become uninsured.

"Since the passage of the enhanced subsidies, we've seen a lot of people in Ohio sign up for those marketplace plans," O'Rourke said. "I mean, almost 600,000 last year is a pretty good chunk of Ohioans who are getting insurance through that, and you know, they don't have a lot of alternatives in many cases."

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He shared that some people could be paying 3,000 annually for their healthcare or dropping their insurance altogether. O'Rourke expressed that leaves a major concern for big medical bills if someone is in an accident or has a severe illness. There is also a concern that emergency rooms and free clinics will be strained.

"The worry is that there's just a higher volume there, and it's harder for those providers, free clinics like community health centers, things like that, to keep up with the increased volume," O'Rourke said.

Jan. 15 is the last day to sign up for the marketplace, and coverage will start on February 1st. O'Rourke insists that even if your premiums increase, you should still watch the federal policy debates around the Affordable Care Act.

"Things can change very fast," O'Rourke said. "I think there will be some people who stay on their coverage but then may drop it in the middle of the year if the premiums are just too much and the landscape of their general cost of living pressures. So that's another thing to watch. But obviously if those enhanced subsidies are passed in the next few weeks or even next month, right, that still can be beneficial."

The United States House of Representatives passed a three-year extension of Affordable Care Act subsidies last week, but it still must go through the Senate.