“As much as my house payment”: Southeast Idaho business owners hit by rising insurance costs

IDAHO FALLS, Idaho (KIFI)– On December 31st, enhanced Obamacare premium tax credits expired, triggering sharp insurance cost increases for more than 20 million Americans. Business owners in Southeast Idaho say they’re already feeling the pinch.

Chantil and Chad Burkey are insured by Pacific Source. Their costs doubled from $700 a month to $1400 a month.

"It hurts the pocketbook because the payment is as much as my house payment," Chantil said.

Chad believes these rising costs are forcing difficult choices.

"We might have to cut out our life insurance because our insurance premiums are so high," he said.

Another business owner, who wishes to remain anonymous, says she is also feeling the cost increase.

"I think we were averaging about $280 for insurance every month, and it jumped up to about $500-600 monthly," she said.

She says rising healthcare costs are making it harder for small business owners to survive.
“People keep saying we want small businesses—we want these things. Well, this is what affects small business owners. The ability to run our businesses and support ourselves. It’s already expensive to be self-employed, and taking care of your family on top of that makes it even harder,” she said.

The House recently passed legislation to extend ACA tax credits. It now heads to the Senate for a vote. If it is passed and signed into law by President Trump, premiums will return to their previous levels for at least the next three years.

"At what point does the greed stop and we look at reality and say this is above and beyond where it should be?” Chad said.