State Regulators Warn of Up to 55.3% Insurance Rate Hikes Amid Federal Tax Credit Expiration

The state insurance regulatory agency has issued a warning about potential rate increases for insurance plans reaching up to 55.3%. This escalation in premiums is compounded by the expiration of federal tax credits that previously helped reduce the cost burden for consumers. Consequently, individuals purchasing insurance plans may face significantly higher out-of-pocket expenses due to both rising base rates and the reduction in federal subsidies.