January 23, 2023
**Provisions of the Reform Health Insurance Affordability Act were signed into law through the Inflation Reduction Act and the American Rescue Plan Act**
**Estimates show 8.9 million Americans have lower premiums due to increased tax credits**
**Shaheen’s efforts are the most significant update to the Affordable Care Act in a decade**
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) reintroduced her legislation today, the health insurance affordability act reform, The bill would create a permanently enhanced tax credit, which would lower health care costs for millions of additional Americans as well as record Marketplace enrollments.
Last Congress, Shaheen successfully secured premium tax credit increase provisions through his legislation, the American Rescue Plan, a COVID-19 relief law. This expansion of the premium tax credit marked the biggest reform to the Affordable Care Act since it became law a decade ago. When the tax credits were due to expire at the end of last year, Shaheen successfully extended their authorization. anti-inflation law, health insurance affordability act reform continues to build on these efforts by making these tax credits permanent while also continuing to reduce out-of-pocket costs for individuals enrolled in the Marketplace. These provisions stand to expand access to health care and lower costs for thousands of Granite Staters and millions of Americans.
“As new COVID variants and viruses such as flu and RSV continue to impact our communities, access to quality, affordable health care is essential. The ACA tax credits, authorized by both the American Rescue Plan and the Inflation Reduction Act, have already made a big impact for families – significantly reducing costs and increasing access to health insurance. Now, it’s time to make these reforms to the ACA permanent.” shaheen said, “I have been sounding the alarm on the need to pass our legislation to expand and increase the ACA premium tax credit for years, and I hope that in this Congress we will take the necessary action to ensure that health care is affordable for every American. be within reach.”
health insurance affordability act reformWill make permanent the Affordable Care Act’s (ACA) enhanced premium tax credit for health insurance Marketplace coverage as expanded through anti-inflation law, Those increased tax credits increased the value of tax credits available to people with incomes between 100 and 400 percent of the federal poverty level (FPL), while premium taxes were raised to include individuals with incomes above 400 percent of the FPL. Expanded eligibility for credits. The bill would also make the second-lowest-cost gold plan the benchmark plan on which premium tax credits are based, which would significantly reduce deductible and out-of-pocket costs for households of all incomes. Finally, the bill would increase the value of cost-sharing deduction (CSR) assistance for people with incomes between 100 and 250 percent of the FPL (which are already eligible), while CSR assistance for those with incomes up to 400 Will also expand eligibility. FPL percentage.
According to the most recent data, approximately 15.9 million Americans have signed up for 2023 individual market health insurance coverage through the Marketplace since the start of 2023 Marketplace Open Enrollment. That record-breaking enrollment represents a 13% increase over the previous year and is driven by tax credits first proposed by the Shaheen Law and eventually expandedanti-inflation law, Absent the increased tax credit, 8.9 million Americans stood to reduce their tax credits and 1.5 million would lose their subsidies entirely, according to a June 2022 report from the Department of Health and Human Services. Similarly, an Urban Institute analysis of the changes to be included in this legislation in February 2021 indicates that this bill could reduce out-of-pocket costs for newly eligible consumers for CSR assistance or reduce the cost of CSR assistance through a lower deductible. May reduce elevated levels.
In addition to Senator Shaheen, the bill was co-sponsored by US Senators Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Bob Casey (D-PA), Tim Kaine (D-VA), Amy Klobuchar (D- has gone. MN), Jack Reed (D-RI), Tina Smith (D-MN), Debbie Stabenow (D-MI), Catherine Cortez Masto (D-NV), Maggie Hassan (D-NH), Ben Cardin (D-MD ) ), Michael Bennett (D-CO) and Kirsten Gillibrand (D-NY).
Full text of bill available Here,