Premiums Could Rise in 2023 for ACA Plan Users
Jae Oh, author of Maximize Your Medicare, reviews possible increases to health insurance premiums next year.
Key Takeaways
- Review your current ACA plan now to determine if a lower-premium, high-deductible option makes sense for your health profile, rather than automatically renewing your existing coverage
- Open an HSA (Health Savings Account) if you're eligible—it functions as a tax-deferred savings vehicle similar to an IRA, helping you prepare for higher out-of-pocket costs in 2023
- Advocate for permanent extension of APTC subsidies at the federal level, as the American Rescue Plan Act subsidies expire December 31, 2022 without congressional action
- Budget for a potential 50% premium increase starting in 2023, with average individual premiums potentially rising from ~$500 to ~$750/month, on top of existing inflation pressures
Jae Oh, author of Maximize Your Medicare, reviews possible increases to health insurance premiums next year.
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