Many health insurance enrollees in Iowa and it's communities local to me in Ankeny, Des Moines, Ames and others rely on subsidies for their Health Insurance (Marketplace or ACA) plans to help make premiums more affordable.
But, many don't know that the current subsidies are set to expire at the end of 2025.
Those most affected by the potential loss of these subsidies include:
Early and Pre-Retirees: Approximately 51% of enrollees with incomes over four times the poverty level who would lose subsidy eligibility are between the ages of 50 and 64, compared to 23% of the non-elderly U.S. population.
Self-Employed Individuals: Among non-elderly adults (ages 19 to 64) with incomes over four times the poverty level who would lose ACA subsidy eligibility, 38% are self-employed, compared to 7% nationally. Small business owners often rely on the ACA Marketplaces due to the lack of employer-sponsored insurance.
Rural Residents: About 15% of people with individual market insurance who would lose subsidy eligibility live outside metropolitan areas, compared to 9% of Americans with similar income levels.
What are your other insurance options?
I get asked this question a lot, "I don't want to pay that much, what else can I enroll in?" and the answer is... not much. Short Term Health Insurance is also available but due to a law that was passed those plans have a shorter duration that you are allowed to be enrolled into them and cannot continually be renewed, they also do not protect from pre-existing conditions like the Marketplace currently does.
What Can You Do?
While the future of these subsidies remains uncertain, it’s essential to stay informed and explore your options. At Pierce Insurance, we are dedicated to helping our community navigate these changes. If you’re concerned about your health insurance costs or want to understand your options, contact us today for a free consultation.
Call us at 515-257-6663 to schedule an appointment. Let’s ensure you have the coverage you need at a price you can afford. Pierce Insurance is proud to serve all of Iowa and my local communities in Ankeny, Des Moines and Ames.
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