We went to the library to get a medical book on abdominal pain, but somebody had ripped the appendix out. 😲✂️ Can you believe that? The audacity.
While we’re talking about ripping things out, PA’s insurance companies might be ripping more out of your paycheck. 💸 If the increases get approved, some folks could be left high and dry.
Here’s Five Fast Facts on PA’s health insurance hikes:
- 📈 Take A Hike - If you’re a PA resident with a health insurance plan through the Affordable Care Act (ACA), listen up. Health insurance companies want to increase the cost by next year. They’re asking for a 19% increase, the biggest in a decade.
- 🪙 Pennie for Your Thoughts - Why the hikes? An increase in the use of benefits and rising medical costs are two big reasons. The other is the potential loss of enhanced tax credits that caps the cost of the plans at 8.5% of a participant’s income on premiums. This year, Pennie (PA’s ACA insurance exchange) had a whopping 500,000 people enroll. If the tax credits dry up, an estimated 150,000 won’t be able to afford it.
- 🩺 Cross Country - Last month, 105 ACA Marketplace insurers across 19 states and Washington, D.C. asked for a median premium increase of 15% for 2026. If approved, these would be the largest hikes since 2018.
- 💪 Tag Team - In Southeastern PA, Independence Blue Cross (IBX) and Keystone Health Plan East (a subsidiary) dominate the region. IBX wants a 16.7% increase and Keystone 23.5%. Even though these two plans only sell coverage in five counties, they take up 26% of Pennie’s market share.
- 📢 Here Ye, Here Ye - What’s next? The state insurance department will review and release any approved rate changes this fall. Wanna make some noise? Feel free to send your thoughts to ra-in-comment@pa.gov. You have until September 2nd to put in your two cents.
🔥Bottom line: These increases may not be so bad if the protective tax credits stay in place. Let’s hope they do. Did you know the Big Beautiful Bill contains changes to charitable giving tax rules? If you’re a giver, read up on the news in this article.
Feeling bogged down by healthcare expenses?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
