At a press event at Bellevue's Overlake Medical Center, Governor Bob Ferguson, flanked by Democratic Congressional leaders, raised the alarm that Washingtonians might soon face a healthcare affordability crisis. Unless Congress acts to extend them, the Enhanced Premium Tax Credits, a cornerstone of the Affordable Care Act (ACA), are poised to expire by year's end. This expiration could price out at least 80,000 people in Washington from their health care plans acquired through the state's Health Benefit Exchange, as documented in the Governor’s official statement.
Fighting to convey the urgency, amid the whispers of healthcare upheaval, leaders like House Democratic Leader Hakeem Jeffries, Congresswoman Suzan DelBene, and Congresswoman Kim Schrier, joined by affected community members, stood with Ferguson. An approximate $285 million loss in savings for Washingtonians is on the horizon if these tax credits are permitted to vanish. "The cruel attacks on health care access by the Trump Administration and Congressional Republicans are morally bankrupt," was the stark warning offered by Governor Ferguson.
The stakes are high, with roughly 286,000 Washingtonians currently enrolled in private plans through the Health Benefit Exchange relying on these credits for affordability. The Governor’s office notes that without the subsidies, those insured could see their premiums skyrocket starting January 1, which would be a hard pill to swallow, especially for the 80,000 whose coverage hinges upon these subsidies.
Looking at the numbers, the benefits of these tax credits are crystal clear. The average Washingtonian enjoys $1,330 in annual savings thanks to these subsidies, and for seniors, the figure jumps to an average of $1,910. For example, a senior living in Yakima County, making $41,000 a year, is currently benefiting from paying a meager $70 a year in health insurance premiums. But without these tax credits, premiums for such individuals could surge, in some cases almost $2,000 per annum, as explained by the Governor’s report.
Beyond the threat to individual pocketbooks, the potential fallout extends to Washington's overall health coverage landscape. Amid Medicaid cuts termed 'The Big Betrayal Bill,' an estimated 250,000 more people could lose coverage, potentially doubling the state's uninsured rate of 4.8 percent. "Congress must act now to extend these credits and protect health care access for tens of thousands of Washingtonians," asserted Governor Ferguson.
