WICHITA FALLS, TX (KAUZ) - Two key House committees voted to advance the repeal of the Affordable Care Act.
The House Ways and Means committee voted to advance the American Health Care Act by less than 10 votes yesterday.
Falls residents shouldn't expect many changes between the two bills when it comes to premium tax credits and cost-sharing reduction until 2020. But one difference will affect many Wichita Falls residents sooner.
Premiums were based on certain demographics like income and location under the Affordable Care Act but under the American Health Care Act, they'll be based on something different.
"It will be based on their age, their family status and how many people are in their family," Kelly Fristoe President of Financial Partners said.
Insurance premium ratio used to be seven to one but ACA changed that.
"The affordable care act squeezed that compression to three-to-one which made it a lot more unaffordable for a young person to purchase coverage which is one the things that were wrong with the affordable care act," Fristoe said.
The AHCA is changing that ratio to five-to-one.
"Which will allow coverage options to be more affordable to a younger group but what does conversely is make it a lot more unaffordable for a younger generation," Fristoe said.
Fristoe said he doesn't expect the bill that was advanced yesterday to be the final version of the American Health Care Act. He expects there to be several refinements.