Maryland residents who get their health insurance through the Affordable Care Act may see significant increases in premiums next year due to the potential loss of the federal premium tax credit.
Maryland insurers are proposing a 17% average hike for premiums next year, stating the loss of the credits as a major factor in losing potential customers.
“The Maryland Insurance Administration is closely working with the Maryland Health Benefit Exchange on designing a state subsidy to help mitigate the impact of these losses,” said Maryland Insurance Commissioner Marie Grant. “Recent actions by Congress have the potential to further lower tax credits for Marylanders to help purchase health coverage and further increase rates in this critical market. We will be examining rates filed by carriers closely in the coming months and urge Congress to take action to address affordability of health coverage.”
