Will New Laws Cut Health Insurance Premiums Even More?

Anyone living in poverty knows that the Affordable Care Act is subsidized. These subsidies can cut the cost of health insurance to zero. But what about everyone else? Some people are living above the poverty line, but still can’t afford to pay their bills without living paycheck to paycheck. Well, there is good news on the horizon. The state of Maryland is considering enacting SB 729, which would use a new program to mitigate costs for those aged 18 to 34.

Deputy Director Stephanie Klapper of Maryland Citizen’s Health Initiative said, “Even if you’ve looked before for health coverage, it’s worth coming back to Maryland Health Connection, because there’s now savings available for those 18-to-34-year-olds. And thanks to the American Rescue Plan, there’s new assistance for households at all income levels, even for folks who are older than 18 to 34.”

According to Klapper, roughly 90 percent of Maryland residents who are currently enrolled in healthcare insurance programs can receive financial aid through the new plan. Check Marylandhealthconnection.gov for additional information.

Those who are older and still looking for health insurance need not worry.

Associate Director Tammy Bresnahan for AARP Maryland said, “That 50-to-64-year-old bloc, they are having problems going back to work, getting a job that has health insurance. So, open enrollment also helps them acquire health insurance, because they are most at risk.”

The aforementioned plans cover several aspects of healthcare: doctor visits, prescriptions, and even mental health services. 

Whether or not other states jump on board to reduce these healthcare costs remains to be seen. We can rightly view Maryland’s initiative as a pilot program that will help determine popularity. Should it go well, we can expect other initiatives to pop up all over the country. Rising healthcare costs have been problematic for decades, but this could go a long way to reducing the impacts of this problem.