Affordable Care Act expert explains what the changes mean for you

Sara Collins states that 2019 is when the real problems could start and millions of people could lose coverage.
2:37 | 10/14/17

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Transcript for Affordable Care Act expert explains what the changes mean for you
Welcome back. Health care is about to change for millions after congress failed to pass a repeal of the affordable care act. President trump took matters into his own hands. He's ending payments that help working class family afford health care tweeting very proud of my executive order which will allow greatly expanded access and far lower costs for health care for millions of people -- sorry, millions of people benefit. Sara Collins is here to explain what the changes mean for you, your family and your wallet. Thanks for joining us. Who exactly will be affected by what the president has done here. About 18 million people would currently buy their insurance coverage through the affordable care act marketplace or from insurance companies, these are self-employed people working families, people who are retired but not yet aged 65, but what people really need to understand is that nothing changes right now. So your coverage is good until the end of the year, your premiums are locked in. In 2018 premiums are definitely going to go up because of this change, but most people get help paying their premiums from the federal government so they're not going to see big increases. Some people in some states who are not getting this help from the federal government may see their prooeps go up but it's going to vary a lot state to state but 2019 is when we really are going to see some problems. We could see millions of people losing their health insurance coverage as a result. It's possible congress may act before then but we don't know. But the government says it's going to save $7 billion by not making these payments to insurance companies. But you say that this ultimately could end up costing the government more than that? That's right. Because if insurance companies don't get these payments, they have to raise their premiums in order to cover the loss of that money. But because most people get help paying their premiums from the federal government, the federal government is going to cover most of that increase so they're going to end up paying for that increase. But as you said, congress could fix this problem tomorrow. That's the good news. They could pass a law that makes these payments flow. So with critical open enrollment ready to start what should people do? People should definitely go to the -- to healthcare.gov on November 1st and lasts till December 15 and shop for a plan. Most will be protected from increases because they get help from the federal government so it's important to shop around. It's 2019 that really we're going to begin to see problems. But again something could be done on the legislative front before then. Appreciate you coming on. Such an important issue for so many families, thank you. Coming up next, Adrienne is

This transcript has been automatically generated and may not be 100% accurate.

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