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Small business owner could face skyrocketing healthcare premiums if ACA tax cuts expire

Small business owner could face skyrocketing healthcare premiums if ACA tax cuts expire

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OMAHA, Neb. (WOWT) – Running a business means work doesn’t stop for owner Gladys Harrison at Big Mama’s Kitchen and Catering in North Omaha, it also means she’s on her own for health insurance.

Harrison is covered through the Affordable Care Act and tax credits make her premiums manageable.

“I need those tax credits to be able to afford insurance so that I can go and be seen by a doctor when I need to be seen,” Harrison said.

She’s one of about 30,000 people in the Omaha metro and millions across the country who could see their premiums skyrocket if the tax cuts aren’t renewed by next Saturday.

Even on a budget, Harrison said the potential increase is simply too much.

CUTS ALREADY MADE

“I’ve already cut back on things that are unnecessary,” she said. “There isn’t any place else for me to cut back at.”

Policyholders aren’t the only ones waiting to see what happens to the tax credits, so are hospitals.

Jeremy Nordquist with the Nebraska Hospital Association told First Alert 6 with policyholders facing higher premiums, more people could drop their coverage altogether, which could mean less money for hospitals.

“Those dollars that don’t get reimbursed by somebody having coverage have to be made up somewhere else,” Nordquist said. “Either somebody else pays more or services get reduced.”

Nordquist urged people to take action.

“We do ask folks to reach out and share their story with their elected officials,” He said. “ That’s a big thing right at this moment in time because getting these renewed and letting them know how important this is for your family.”

It’s why Harrison wanted to put her story out there, because she knows she’s not alone

“We’re all going to be in jeopardy of being able to go to the doctor and being seen when we’re sick if these credits go away.”

The health policy group KFF said people who buy their insurance through healthcare.gov could see their premiums more than double if the subsidies expire.

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