Health Insurance Costs Set to Spike in 2026, Warns Sen. Cantwell
Senator Maria Cantwell has issued a warning regarding substantial increases in health insurance costs for many Americans relying on the Affordable Care Act (ACA) provisions. A recent report from her office indicates that these cost hikes are expected to take effect in 2026, impacting individuals and families across various states, including Washington.
The report emphasizes the implications of the potential nonrenewal of enhanced premium tax credits, a significant point of contention in the ongoing political debate between Republicans and Democrats. This disagreement was a contributing factor to the government shutdown that occurred on October 1, 2023.
Established under the ACA, premium tax credits are designed to provide financial assistance for health insurance premiums for individuals and families earning up to 400% of the federal poverty line. In 2021, the introduction of “enhanced” credits expanded both the eligibility criteria and the number of beneficiaries.
According to a September assessment by the Kaiser Family Foundation, the average ACA premiums could more than double if these enhanced tax credits are not renewed. Early data from the state-run health insurance exchange, Your Health Idaho, supports this prediction.
For instance, a 45-year-old adult in Lewiston earning $40,000 and supporting a child would see their net monthly premiums rise dramatically from $61 in 2025 to $203 in 2026. Similarly, a couple aged 55 and 51 in Idaho Falls with a combined income of $65,000 would experience an increase in their monthly costs from $350 to $539. Furthermore, a 30-year-old individual in Coeur d’Alene earning $40,000 would see their premium jump from $154 to $287.
Open enrollment periods are currently underway, with Idaho having begun its enrollment on October 4, 2023, while most other states will follow suit starting November 1, 2023. Consumers are encouraged to compare available plans through the Your Health Idaho website at idahohix.yourhealthidaho.org/prescreener.
The potential increases in health insurance premiums underscore the importance of legislative action regarding the renewal of enhanced premium tax credits, which play a vital role in making health care affordable for many Americans.
