Farmers, Ranchers Face Disproportionate Share of ACA Premium Increase

Enrollment is underway for the Affordable Care Act insurance products. With the stalemate in Congress, ACA premium tax credits are scheduled to expire at the end of the year. The majority of the ag community is represented in the individual insurance market. “We’ve done some digging and the data tells us that about seven out of ten ag producers, whether they’re farming or ranching, are receiving some sort of tax credit for their health insurance,” explained Farmers Union Insurance Sales Director Lance Boyer. Significant price increases will be seen without congressional action. “You’re going to see people that are paying $300 or $400 a month that might go to $1,200 a month, you’re going to see people that are paying $800 or $900 a month that are going to go to $2,500 a month,” said Boyer. “There are going to be substantial increases.”  Boyer stressed the importance of having a relationship with the local agent to get the best possible option.