Tell your R.I. State Legislators: Act now to protect affordable healthcare!
Draconian cuts in Congress put coverage for millions of Americans and tens of thousands of Rhode Islanders at risk. While changes to the federal spending bill proposals in Congress are expected to change as it works its way through the U.S. Senate, we know one program that will be eliminated: enhanced premium tax credits under the Affordable Care Act will expire at the end of 2025.
These tax credits go to 40,000 working class Rhode Islanders who earn just a little bit too much to qualify for Medicaid, do not get health insurance through work, and do not earn nearly enough to afford good health insurance in the marketplace without tax credit assistance. When the enhanced tax credits expire, these Rhode Islanders will see their premiums jump by an average of 85% - but some will face even bigger rate hikes.
For example, a 45-year-old working 30 hours a week making minimum wage would see her monthly premium increase by 387%. A couple, both age 64, making $85,000 combined would see their monthly premium jump from $602 to $1,992 – meaning they would be paying 28% of their income just to enroll in coverage.
When health insurance becomes this expensive, people drop it. They skip preventive care, delay treatment, and risk financial ruin from unexpected medical bills.
Rhode Island is not powerless! The Individual Marketplace Affordability Act (H5996 / S707) creates a state-based affordability program to close the $40 million gap left by the expiration of the enhanced tax credit program. And it does so responsibly—by modestly expanding (by less than 1%) an existing assessment across all health insurers, without relying on state general revenue.
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