As open enrollment begins in WA, future of health insurance tax credits remains murky

Starting Nov. 1, Washington residents can enroll in or modify their health insurance plans as open enrollment commences. Premiums for individual plans are projected to increase by 21%, influenced by the uncertain future of federal tax credits expiring at year’s end. Nearly 300,000 state residents utilize the Washington Health Benefit Exchange, with about 75% benefiting from tax credits that substantially reduce their costs. The state Office of the Insurance Commissioner indicates that premiums could have been 6% to 7% lower with continued tax credits.

Officials anticipate that 80,000 individuals might opt out of health insurance if Congress does not extend these subsidies, reversing progress made in lowering the uninsured rate to 4. 8%. State Insurance Commissioner Patty Kuderer emphasized that losing these credits could strain the healthcare system as people delay preventative care. The exchange aims to secure $130 million yearly in state funding for its Cascade Care Savings program to cushion the loss of federal support. Open enrollment runs through Jan.

15, with plans needing to be selected by Dec. 15 for coverage to start on Jan. 1.