More
than
70
organizations,
led
by
Families
USA,
sent
a
letter
to
Congress
on
Monday
calling
on
them
to
extend
the
enhanced
premium
tax
credits
that
are
set
to
expire
at
the
end
of
2025.
The
enhanced
premium
tax
credits,
introduced
in
2021,
reduced
health
insurance
premiums
for
millions
of
individuals
purchasing
coverage
through
the
marketplace.
Families
USA
is
an
advocacy
organization
for
healthcare
consumers.
The
letter
also
includes
child
advocates,
labor
groups,
equity
organizations,
patients,
providers,
disability
rights
groups
and
aging
organizations.
The
premium
tax
credit
is
a
refundable
credit
that
lowers
the
out-of-pocket
cost
of
health
insurance
premiums
for
those
who
receive
insurance
via
the
marketplaces.
Originally
available
to
individuals
with
incomes
between
100%
and
400%
of
the
federal
poverty
level,
the
American
Rescue
Plan
Act
(ARPA)
expanded
eligibility
to
those
with
incomes
above
400%
of
the
federal
poverty
level
and
lowered
the
maximum
household
contribution.
If
the
enhanced
premium
tax
credits
expire
at
the
end
of
2025,
older
and
rural
households
will
be
especially
impacted,
according
to
the
letter.
The
organizations
noted
that
one
in
five
small
business
owners
and
self-employed
workers
rely
on
the
marketplaces
for
coverage.
In
addition,
premiums
would
double
for
many
people
and
millions
would
completely
lose
coverage.
“Congress
needs
to
take
action
as
soon
as
possible,
because
while
the
credits
are
not
set
to
expire
in
federal
statute
until
December
31,
2025,
Americans
will
feel
the
impacts
far
sooner,”
the
letter
stated.
“Health
insurers
will
begin
setting
next
year’s
rates
as
early
as
this
spring,
new
rates
will
be
announced
by
summer,
and
by
fall
people
in
every
Congressional
district
will
experience
premium
shock
when
they
shop
for
2026
plans.”
The
letter
also
cited
a
new
survey
that
found
86%
of
2024
voters
want
the
tax
credits
extended,
and
the
organizations
argued
that
it’s
now
Congress’
responsibility
to
“demonstrate
that
they
are
listening
to
that
call
from
their
constituents.”
The
organizations
also
gave
specific
examples
of
people
who
would
be
affected
by
the
enhanced
premium
tax
credits
expiring.
“People
in
every
community
are
at
risk,”
they
said.
“This
includes
people
like
Dean,
a
34-year-old
self-employed
designer,
who
used
his
tax
credit
to
afford
a
plan
with
a
lower
deductible
and
out-of-pocket
maximum
–
which
proved
crucial
to
him
when
he
was
diagnosed
with
cancer
that
would
have
otherwise
subjected
him
to
financial
ruin.
Jenny,
a
64-year-old
woman
who
used
her
tax
credit
to
buy
a
plan
for
$500
per
month
that
helped
cover
her
million
dollar
hospital
bill
and
treatment
after
she
experienced
a
stroke.
Without
that
coverage
–
facilitated
by
the
tax
credit
–
she
and
her
husband
would
have
lost
their
home
and
life
savings
to
pay
for
care.”
The
letter
comes
after
the
Congressional
Budget
Office
released
a
report
last
week
on
the
enhanced
premium
tax
credits.
It
found
that
if
there
isn’t
an
extension
through
2026,
the
number
of
people
without
insurance
will
increase
by
2.2
million
in
that
year
and
gross
benchmark
premiums
will
increase
by
4.3%
on
average.
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