This not much of a post. It is promoting an extension of the premium credits for those who could not afford healthcare insurance previously. A simple read and a necessary one to make people aware. 195 Congress Members were Calling for an Extension of Enhanced Premium Tax Credits – MedCity News, Marissa Plescia In letters, members of Congress were urging their leadership to extend the enhanced premium healthcare tax credits which are expiring in 2025. Introduced in 2021, the premium tax credits lowered health insurance costs for millions of people purchasing coverage on the marketplace. One of the letters was signed by 41 Senators. It was addressed to Majority Leader Chuck Schumer (D-New York) and Minority Leader Mitch McConnell (R-Kentucky).
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This not much of a post. It is promoting an extension of the premium credits for those who could not afford healthcare insurance previously. A simple read and a necessary one to make people aware.
195 Congress Members were Calling for an Extension of Enhanced Premium Tax Credits – MedCity News, Marissa Plescia
In letters, members of Congress were urging their leadership to extend the enhanced premium healthcare tax credits which are expiring in 2025. Introduced in 2021, the premium tax credits lowered health insurance costs for millions of people purchasing coverage on the marketplace.
One of the letters was signed by 41 Senators. It was addressed to Majority Leader Chuck Schumer (D-New York) and Minority Leader Mitch McConnell (R-Kentucky). The other was signed by 154 U.S. representatives. It went to Schumer, McConnell, House Speaker Mike Johnson (R-Louisiana) and House Leader Hakeem Jeffries (D-New York).
Enforcement
The letters reinforced the impact of the premium tax credits on monthly premiums for marketplace plans. Premiums were decreasing by an average of $59 per person. As a result, a record 21.4 million people enrolled in Marketplace plans during the 2024 Open Enrollment Period. The premium credits also had a substantial impact on health equity. There was a 95% increase in Marketplace enrollment among Black Americans. While Hispanic Americans experienced a 100% increase between 2020 and 2023. Members of Congress were reinforcing the impact of the subsidies.
“The enactment of the premium tax credits by Congress was a step towards keeping health care premiums low and putting money back in families’ pockets. U.S. representatives stated.
Our efforts are just starting. We should include provisions to extend the enhanced PTCs in the soonest possible legislative opportunity and creating a pathway for making them permanent. We can finish the job for the American people and keep quality health care within reach for our constituents. American families cannot afford to go back to paying upwards of 20% – or more – of their household income on health care premiums.”
Tax Credit Expiration
If the tax credits expire, more than 20 million people will experience an increase in their health insurance costs. About 3 million people could lose their coverage, the letters argued. Senators agued . . .
“The enhanced [premium tax credits] protect millions of Americans from higher health care costs. It reduces the number of Americans without coverage and provides robust choices for consumers. It also provides stability for health care providers, particularly in rural areas. Clearly the enhanced PTCs have proven to be an overwhelming success. As millions of Americans face an increase in their insurance costs, it is time to make the investment permanent. We strongly urge the Senate to act to extend this financial support as soon as possible.”
Every state, people of all ages, and income will see higher premiums if the enhanced premium tax credits expire. Certain groups will especially see an impact, the letters argued. This includes those in smaller and rural states, older enrollees, and those with incomes above 400% of the federal poverty level.
“This, in turn, would strain hospitals, physicians, nurses, pharmacies and others whose care would continue without compensation, compounding pre-existing problems, and could be disastrous for rural and underserved communities,” the senators said.