All 2.37 million Californians in the individual market will face higher premiums if Congress does not act by 2025

Kominski Simulation of Insurance Markets The Inflation Reduction Act of 2022 (IRA) included additional federal subsidies to make health insurance more affordable in the individual market, but these The California Simulation of expire at the end of 2025. [...] It was eliminated; developed by the UC Berkeley Center for Labor Research • 740,000 Californians enrolled in unsubsidized coverage would payan average of $253 more per year due to the worse risk-mix of the and Education and the UCLA individual market if the IRA subsidies were eliminated; Center for Health Policy Research. [...] On average in 2024, subsidized enrollees in Covered California received annual subsidies of almost $5,000 due to the ACA and almost $1,200 due to the IRA.13 All 2.37 million Californians in the individual market will face higher premiums if Congress does not act by 2025 | 4 If IRA subsidies ended, 2.37 million Californians would see costs rise and 69,000 would become uninsured Elimination of the I. [...] For example, someone with income at 300% of the federal poverty line, who earns $45,180 per year in 2024, would have to pay 6% of their income toward premiums for the second-lowest-cost silver plan on the exchange under the Inflation Reduction Act, and the rest of the premium would be covered by the federal government. [...] The analyses, interpretations, conclusions, and views expressed in this report are those of the authors and do not necessarily represent the UC Berkeley Institute for Research on Labor and Employment, the UC Berkeley Center for Labor Research and Education, the UCLA Center for Health Policy Research, the Regents of the University of California, or collaborating organizations or funders.