If Build Back Better Fails...
It's not only those with children that will be affected
If the Biden’s Build Back Better Fails
Jae’s Corner isn’t here to adjudicate whether or not Build Back Better should be enacted, it’s here to accurately describe some of the effects.
While the child tax credit gets the headlines, lower health insurance premiums via the Advance Premium Tax Credit may only be extended through the end of 2022.
For those who are nearing Medicare eligibility, this represents a problem. The reason is that sharply lower health insurance premiums could’ve entirely changed retirement timing. Those that wanted to retire before reaching 65 years old could’ve considered a much lower cost for health insurance (with work and planning), and then yes, it would’ve been conceivable.
For those people that do NOT live in Medicaid expansion states, and if the Build Back Better bill fails, then there will be no APTCs at all, to anyone. In those instances, some states do have other assistance programs.
Source: CNN.com (link)
Underwriting Likely Affected Soon
We do not observe prices adjusting, yet. I doubt that lasts. It means that if any insurance carrier asks you medical underwriting, the bar could be raised. Or prices could adjust. The flip side is that there is competition involved, which may keep a lid on those effects in the short run. In the long run however, that is different entirely.
Life insurance premiums are a tie (we can find carriers at exactly the same price for a 30-40 yr old female). Medigap does depend on the location (tie in some locations, $5/month in others). My opinion only: this cannot persist, something will have to give. We do have evidence DEEP in the weeds, imperceptible from everyday people (and most agents).
Source: thehill.com (link)
Santa vs. Everybody (dyor)
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