Health insurance premiums are set to increase significantly starting January 1, following the House’s approval of a GOP health care bill that does not extend subsidies provided under the Affordable Care Act (ACA). Individuals and small business owners in Chicago and across the nation are preparing for the financial impact of these rising costs.
Small business owners, like Kimberly and Rebecca George, who operate Volumes Book Cafe in Wicker Park, are particularly alarmed. The bookstore has been a staple in the community for the past decade, but Rebecca George recently announced their decision to close the store on February 1. This tough choice comes after a significant decline in business, compounded by the rising cost of health insurance premiums, which are set to double in the new year.
“We were barely affording it to begin with,” Rebecca lamented, explaining that their monthly costs will escalate from about $400 to between $800 and $1,000. The sisters, who are insured through the ACA, are concerned that this financial strain will force many to make perilous decisions regarding their health care. They expressed deep disappointment over not being able to fulfill their dream of running the bookstore indefinitely.
Recent reports indicate that if the subsidies are not extended, over half a million people in Illinois alone will face similar challenges. The ongoing debate in Congress has highlighted partisan divides, with Republican House Speaker Mike Johnson stating that the ACA, often referred to as “the unaffordable care act,” has failed to deliver on its promises of lower premiums. Johnson’s refusal to allow a vote on the subsidy extension before the year-end break has intensified frustrations among those impacted.
On the other side, some moderate Republicans are joining Democrats in advocating for a potential vote on extending the subsidies when Congress reconvenes in January. Democrat U.S. Representative Mike Quigley has warned that without these subsidies, millions could lose health insurance coverage altogether, which would ultimately lead to higher costs for everyone as health issues go unchecked.
The George sisters, who rely on ACA coverage due to their health problems, are left with few options. Their hope now rests on the possibility of subsidy extensions in January or transitioning to new jobs that provide health insurance benefits.
As the deadline approaches, many residents are anxiously watching for any developments that might impact their health care coverage and financial stability in the coming year.
