CRANSTON, RI – President Trump promised to lower costs on day one. Instead, two hundred and seventy-three days later, President Trump’s polices have increased prices and American workers are facing soaring health costs and record paycheck deductions. Democratic lawmakers are taking a stand to help lower costs and save health care.

With the start of open enrollment just eleven days away, U.S. Senators Jack Reed and Sheldon Whitehouse are pressing Congressional Republicans to join them in taking urgent action to prevent devastating premium increases starting in January. In some cases, Rhode Islanders could be looking at paying double, triple or even quadruple what they paid last year for the same level of health insurance.

These steep price hikes stem directly from three key Trump-Republican health care cuts and policies:

One: The expiration of enhanced Affordable Care Act (ACA) tax credits. Republican refusal to extend the discounts will spike average annual household insurance costs by 101%, or $1,332 a year, for 40,000 Rhode Islanders, cutting off nearly $60 million in federal subsidies for Rhode Island.

Two: Increasing costs for Medicare and Medicaid, and President Trump’s historic $1 trillion cut to health care under his 'One Big Ugly' budget.

Three: The impact of Trump’s tariffs on pharmaceuticals, medical supplies, and other everyday goods that are squeezing consumers and Main Street businesses alike.

As a result of Trump-Republican health cuts and inaction, an estimated 13,000 Rhode Islanders will be unable to afford coverage or opt to go uninsured — the latter mostly younger, healthier people willing to take the financial risk. That increases the concentration of older, sicker, and more medically expensive people left for insurers to cover -- increasing costs for everyone with health insurance, regardless of where they get it.

Senator Reed stated: “I am committed to driving down costs and ensuring every Rhode Islander can purchase affordable, comprehensive coverage that meets their needs. This can't wait. Republicans must join us in taking swift, comprehensive action because this goes to the heart of health and financial stability for millions of Americans. If these price hikes go forward unchecked, it will decimate families, hurt communities, and require even more expensive solutions. Republicans manufactured this crisis and now they want to shift a greater burden onto consumers and states, dismantle the ACA, and kick the can further down the road to try and avoid blame. People’s lives are at stake and there is urgent, pressing need for action. This isn’t a question of belt-tightening: You can’t just turn down your premium and deductible costs like a thermostat or skip a month of health care and still get coverage. President Trump is the main driver of these price spikes and he needs to change course and help us lower costs instead of raising tariffs and handing out bigger tax breaks to billionaires.”

“Tens of thousands of Rhode Islanders will see their health care premiums skyrocket if Congress doesn’t work in a bipartisan way to extend the Affordable Care Act tax credits,” said Senator Whitehouse. “Without action, premiums will double – that’s not going to work for families, and it’s going to further strain our health care system. I won’t stop fighting for Rhode Islanders to have access to affordable health care.”

Today, Reed and Whitehouse joined HealthSource RI Director Lindsay Lang and Peter Marino, the President and CEO Neighborhood Health Plan of Rhode Island, to discuss the looming price hikes facing Rhode Islanders and the urgent need for action.

“It is urgent that Congress act now to ensure access to coverage for thousands of Rhode Islanders and millions of Americans who rely on the enhanced tax credits to afford their monthly premiums,” said Lindsay Lang, director of HealthSource RI. “Protecting Rhode Islanders’ ability to seek the mental and physical health care services they need to lead healthy, productive lives is core to HSRI’s mission and to the good of our state. We worry about our neighbors becoming uninsured and facing insurmountable medical costs or suffering serious health consequences from avoiding or delaying care. It is vital that we continue to offer the resources needed to keep people connected to quality coverage.”

“Enhanced premium tax credits have been a lifeline for tens of thousands of Rhode Islanders,” said Peter Marino, President and CEO of Neighborhood Health Plan of Rhode Island (Neighborhood). “Without them, individuals and families will face difficult financial decisions impacting their health and wellbeing. Neighborhood urges Congress to protect these vital subsidies and continue supporting the people who rely on them.”

According to examples and data provided by HealthSource RI, Rhode Island’s insurance marketplace established under the ACA, a 60-year old retiree with an annual income of just over $62,000 and in reasonably good health could see their monthly health insurance bills climb from $427 per month to $1,077 per month -- that is an extra $650 per month just to keep the same level of health insurance they already have. That adds up to a yearly increase of $7,800 for one person.

The prospect of more people becoming uninsured in a few months or losing affordable health insurance altogether means fewer people accessing preventative care, which makes communities less healthy and increases costs in the long run.

Reed and Whitehouse say the need for Republicans to take action is urgent: The enhanced tax credits expire at the end of the year. Open enrollment, the two-month period where people have the opportunity to purchase a health insurance plan that fits their budget and needs, begins on November 1. Public health experts have already warned that the higher cost of insurance plans may drive consumers away from the marketplace and cause them to abandon health insurance altogether, even if the subsidy is later renewed by Congress before the end of the year.

Currently in Rhode Island, marketplace enrollees receive $472 monthly, on average, in the form of preferred federal tax credits, according to KFF [kff.org].

Even after cutting or changing their health care benefits, employers are facing the biggest price increase in 15 years, according to a new survey [mercer.com] of more than 1,700 organizations by Mercer, a benefits consultancy.