OKC residents worried about President Trump's healthcare subsidy cuts

Oklahoma City (KOKH) — After President Donald Trump announced plans to dismantle key elements of the Affordable Care Act, the future of Obamacare is uncertain.

Trump’s first change was to open options across state lines, effectively increasing competition among insurance companies. The second, announced late Thursday night, cuts off payments to insurance companies that help reduce co-pays and deductibles.

The move could send health insurance premiums skyrocketing for struggling families. Right now, nearly six million people in the U.S. rely on those subsidies to pay for health insurance.

“People are very concerned,” said Samuel Larkpor, an independent insurance navigator in Oklahoma City. “A large amount of the clients I’ve served in the past rely on the subsidies tremendously to help make their healthcare more affordable.”

President Trump told reporters Friday he’s not worried about poor people losing their health insurance after he removed the subsidies.

"No, because what we will do we will be able to renegotiate, so that everybody gets,” President Trump said. “We just took care of a big chunk and now we'll take care of the other chunk. What would be nice, if the Democratic leaders can come over the White House, we will negotiate spoke deal that's good for everybody, that's what I'd like."

Others aren’t so sure about the consequences. The Congressional Budget Office estimates that exchange premiums will go up 20 percent next year without the subsidies.

“This is definitely going to make the healthcare market less stable, because of all the unknown factors,” said Larkpor.

He encourages people to still buy health insurance if they need it, especially since open enrollment for Obamacare is less than three weeks away.

“People that rely on the subsidies right now should just go ahead and do exactly what they did last year,” he said. “Go ahead and enroll for healthcare this year. Until the order goes into effect we really don’t know what to expect.”

It could be months until President Trump’s executive order goes into effect.

Open enrollment for Obamacare still starts on Nov. 1st and financial help is still available. You can find more information about the process at Healthcare.gov or through the Oklahoma Insurance Department.