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Millions of Georgians Could Face Big Increases in Health Insurance Costs—Here’s What You Need to Know

If you or someone you know gets health insurance through the Health Insurance Marketplace, you’ve probably noticed it’s been more affordable in recent years. This increase in affordability is thanks to extra financial help from the federal government. These enhanced premium tax credits (ePTCs) make health coverage affordable for working families, self-employed individuals, and people who would otherwise struggle to pay for insurance. But this critical financial help is set to expire at the end of 2025—unless Congress steps in.

If Congress doesn’t extend these tax credits, over 1.2 million Georgians will see huge price increases, and many may be forced to drop their coverage altogether.

Why These Tax Credits Matter to Georgians

Right now, 95% of Georgians buying health insurance through Georgia Access receive financial help to lower the cost of their monthly premium. In 2021 and again in 2022, Congress established additional financial support through the ePTCs to further reduce costs. This extra support has made a big difference:

• Lower monthly premiums – The tax credits reduce the amount people pay for their health insurance each month.

• Lower deductibles – Many Georgians have seen their deductibles cut in half, meaning they pay less before their insurance kicks in.

• Protection from medical debt – More affordable coverage makes Georgians less likely to face overwhelming medical bills.

What Happens if Congress Doesn’t Act?

If these tax credits disappear, health insurance will become unaffordable for many Georgians. Here’s what that could look like:

• Higher costs for families – A single person making $30,000 a year could see their premiums jump by $1,350 per year. A retired couple in their 60s making $80,000 could see an increase of $16,800 annually.

• Fewer people with coverage – With such large price hikes, many Georgians may be forced to drop their insurance altogether, putting their health and finances at risk.

• Higher costs for everyone – When more people lose coverage, hospitals and doctors are left with unpaid bills. This can lead to higher costs for everyone, as hospitals pass those costs along to insured patients and taxpayers.

What Can Georgia Leaders Do?

While the decision to extend these tax credits is up to Congress, Georgia lawmakers (and you!) can take action to help protect Georgians:

• Push Georgia’s Congressional Representatives to act – Our state’s leaders should urge Congress to extend these tax credits and protect Georgia families from skyrocketing costs.
  • You can also urge your Congressperson to act! See the “Take Action” section below!
• Explore state-level solutions – Some states are creating their own tax credits to keep coverage affordable. Georgia could do the same, especially for middle-income families and those in high-cost areas.
• Help Georgians navigate their options – If tax credits expire, many people will need help understanding their choices. Georgia could expand outreach efforts and local support so that more residents can find coverage they can afford.

Real Impact: Cassie’s Story

For many Georgians, the ePTCs are life changing. Cassie Cox, a Georgia resident, was able to sign up for Marketplace coverage with no monthly premium because of these subsidies. When she needed emergency medical care, her insurance helped cover the cost. Without it, she could have faced a massive medical bill.

Her story is just one example of why these tax credits are so important. If Congress doesn’t act, thousands of Georgians like Cassie could lose their coverage or face financial hardship.

Take Action

If you care about keeping health insurance affordable for Georgia families, now is the time to speak up. Contact your representatives and urge them to extend these vital tax credits before it’s too late!