Study predicts insurance premium spike if US coronavirus relief isn't extended

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A study predicts insurance premiums could rise as much as $9,130 by 2023 for some Americans if provisions of the $1.9 trillion U.S. coronavirus relief package, known as the American Rescue Plan Act, aren't extended.

The study,conducted for the health insurance lobby AHIP, focused on three groups of Americans at three income levels, and stated that the following increases would occur if the act isn't renewed in 2023:

- A 27-year-old earning $19,191 per year (149% above the federal poverty line) could see a premium increase of $795 annually.

- A 46-year-old person earning $41,860 per year (325% above the federal poverty line) could see an increase of $1,304.

- A 55-year-old couple earning $70,551 per year (405% above the federal poverty line) could see an increase of $9,130.

Much of the jump is credited to the ARPA's increased insurance marketplace tax credits and broadened member eligibility, which will be undone when it expires, according to AHIP.

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