Can I Expect the Same Price For My Health Insurance and Subsidy Next Year If My Income Doesn’t Change?
Your subsidy will probably be similar but not exactly the same from year to year. This is because your subsidy is figured based upon where you fall in the Federal Poverty limit and the cost of a certain health insurance plan. The government figures what is “affordable” for you and gives you the difference in cost through your subsidy. But your subsidy will be expected to change because the cost of insurance plans will change.
So can you plan on a certain number for next year?
Unfortunately, No. Premiums will go up again next year. Believe it or not there is a reason behind this increase in cost. First one being that the cost of healthcare continues to go up each year, so we have to help compensate for that. Second, because there are no longer any “pre-existing conditions” the cost has gone up. Until we get everything evened out, the cost will rise to help compensate.
If you liked this blog, check out: What if my income goes up after I qualify for a subsidy?
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