U.S. Sen. Jeanne Shaheen (D-NH) reintroduced legislation that would extend enhanced premium tax credits from the Health Care Affordability Act.
The legislation, co-sponsored by a group of Democratic senators, reintroduced the Health Care Affordability Act that would extend the current PTCs for Health Insurance Marketplace coverage. Created in the Affordable Care Act and enhanced under the American Rescue Plan Act and the Inflation Reduction Act, the premium tax credits are set to expire at the end of this year and would increase health insurance costs for more than 20 million Americans, the law makers said.
Officials said the legislation would make those tax cuts permanent and ensure Americans do not face sudden cost increases or leave nearly 3.8 million Americans without any insurance coverage. Without the extension, out-of-pocket premium payments are expected to increase by as much as 22 percent on average across the country, officials said.
“For years, the ACA premium tax credits have lowered health care costs and increased access to insurance for Virginians and their families,” the coalition of senators said. “And through the American Rescue Plan Act and the Inflation Reduction Act, we further lowered costs for American families. But without action, these enhanced tax credits will expire.”
Similar legislation was sponsored in the House of Representatives by U.S. Rep. Lauren Underwood (D-IL).