Lawmakers say they plan to extend enhanced premium tax credits but haven’t laid out a specific plan for doing so
Health insurance shoppers who buy coverage on the state and federal exchanges are likely to see a discount in their premiums as soon as next month, thanks to the recent COVID-19 relief law, but prices could rise again in 2023 if Congress doesn’t extend new subsidies before then.
As Democrats consider what aspects of their health agenda their next legislative push may include, lawmakers say they plan to extend the enhanced premium tax credits that were authorized through 2022 in the COVID-19 relief law enacted last month, but they haven’t laid out a specific plan for doing so.
The law increases the size of tax credit subsidies so that no one shopping on a state or federal health insurance exchange would pay more than 8.5 percent of their income on premiums in 2021 or 2022. In the past, people with income of more than four times the federal poverty level did not qualify for any subsidies for the insurance, and that limit would return if the extra help expires. Continue reading.