The U.S. Senate’s failure to extend federal Affordable Care Act subsidies will not immediately affect most Connecticut residents who rely on them, according to Gov. Ned Lamont.
That’s because the state is stepping in to temporarily cover the gap. Lamont said Connecticut will backstop next year’s subsidies for most residents receiving assistance through the ACA.
“We are going to be able to subsidize covered Connecticut to the degree that anybody earning up to $56,000, there will be no change to your health care costs,” he said.
He added that a family of four earning up to about $128,000 a year will see little to no change. “Some of you will save a little bit of money, some of you it will cost a little bit more,” Lamont said. “This is a one-year fix that will be able to mitigate the pain coming out of the confusion in Washington.”
About 151,000 Connecticut residents receive health insurance through the ACA, and roughly 90% of them receive subsidies to help pay their premiums.
The state expects to spend about $70 million next year to cover the loss of the federal subsidies. The money will come from a $500 million contingency fund created by lawmakers in a special session last month to offset potential federal cuts to safety-net programs.
