President Biden’s Administration intends to expand the availability of coverage under the Affordable Care Act, pointing out a “glitch” that has prevented around 5 million people from qualifying for subsidized health plans.
According to the Kaiser Family Foundation, the average annual premium for a single worker was just over $7,700 in 2021 but topped $22,000 for a family. Some 5.1 million Americans, a majority of them children, are affected by the family glitch, according to Kaiser.
The White House plans to push forward an amendment to the program to allow families with health insurance through an employer to receive financial assistance paying for the coverage. Under the suggested modification, households that spend 10% or more on health care insurance will now qualify for financial assistance.
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Biden “will take additional action to further strengthen the ACA and save families hundreds of dollars a month on their health care,” the White House announced. President Biden officials provided few details on how much the expansion would cost or how it would be paid for.
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Under the program’s current guidelines, “reasonable” employer-based health insurance is a disqualifying factor in applications for ACA assistance. Affordable has previously been defined as below 10% of income.
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This metric fails to account for the skyrocketing premiums for individual family members on the same plan, which have become an increasing burden on low-income households.
An estimated 200,000 uninsured Americans would gain coverage, and nearly 1 million people would see reductions in premiums, according to the White House. Many families would be able to save hundreds of dollars a month. If finalized, the rule would go into effect in January 2023. The White House declined to comment on the cost of eliminating the family glitch, but the Congressional Budget Office has previously pegged it at $45 billion over 10 years.
The announcement comes as former President Barack Obama returns to the White House for his first public appearance since he left office to celebrate record enrollment in Affordable Care Act policies with President Joe Biden.
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The event was intended to draw attention to Biden’s domestic agenda, which has been marred by record-high inflation and a sluggish economic recovery and overshadowed by Russia’s continued invasion of Ukraine.
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Obama, Biden, and Vice President Kamala Harris are scheduled to speak at an event Tuesday afternoon. Biden and Obama are expected to tout the surge in interest in Affordable Care Act policies this year. A record 14.5 million people signed up for 2022 coverage during open enrollment -- lured in part by enhanced federal subsidies.
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