Health care costs have been rising faster than incomes for years and now the new Trump administration is threatening to cut them even more.
The White House is expected to announce that the next round of premium increases will be the steepest since the Affordable Care Act was passed in 2010.
The plan comes after the administration unveiled the latest version of its American Health Care Act on March 10, which would reduce coverage by 22 million people, according to the Congressional Budget Office.
Insurance companies are expected to raise rates by up to 15% in 2018 and beyond.
According to a recent report from the Kaiser Family Foundation, the average premium for individual plans sold through the marketplaces is $7,926 a year.
In 2018, premiums are expected, on average, to rise an average of 15.9%, from an average $9,064 in 2018, to an average average $10,721 in 2020, to a $11,091 in 2024 and an average $12,838 in 2025.
The Congressional Budget Board has said that the Trump administration would need to slash spending to achieve that goal.
For comparison, a single-payer system requires a net loss of $12.7 trillion, according to the Kaiser report.
“While it’s important to point out that the health care costs of the country are higher than they have been in decades, the real story is that the ACA has had a substantial impact on the health of our country,” a spokesperson for the Trump Administration told The Associated Press.
If the TrumpCare plan becomes law, it will also cut federal support for non-profit hospitals, which will reduce medical expenditures for patients, according the Associated Press report.
“A majority of Americans support providing coverage for all Americans regardless of ability to pay,” the spokesperson added.
Under the new plan, insurance companies will be allowed to charge more, and that would include people who are younger, older, have pre-existing conditions or who are currently receiving a prescription drug benefit, according to a recent Associated Press article.
President Trump and House Speaker Paul Ryan are expected to sign the AHCA as soon as March 10.
As AP previously reported, Republicans in Congress are expected on Tuesday to vote to overturn a rule to require insurers to cover the full cost of coverage for people with pre-disputed health insurance.
However, the House is already in a bit of a pickle, as President Ryan and Senate Majority Leader Mitch McConnell are opposed to allowing the vote.
Both chambers are scheduled to vote on the AHC by Wednesday.
Read more on the latest health care developments here.
This article originally appeared on The Associated Press website.