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Sen. Gillibrand calls on Congress to make health care premium credits permanent

December 11, 2024 Brooklyn Eagle Staff

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CAPITOL HILL — CONGRESS MUST enshrine into tax law premium tax credits for healthcare, said U.S. Sen. Kirsten Gillibrand (D-NY), during a video press conference Wednesday morning, Dec. 11 on the issue. Gillibrand urges Congress to pass the Health Care Affordability Act, which would permanently extend the enhanced Affordable Care Act premium tax credits. These ACA credits and subsidies significantly lower down the cost of insurance premiums for low- and middle-income individuals and families, helping them afford health care. The subsidies are set to expire at the end of 2025, which would cause an estimated 4 million Americans to lose their health insurance. New Yorkers in particular would face a yearly increase of $1,440 in these costs, without the subsidies to absorb high premiums.

Premium tax credits, established as part of the ACA when it became law in 2010, are refundable credits that help low- and middle-income individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. The American Rescue Plan Act in 2021 temporarily expanded eligibility for those who were already eligible. In 2022, the Inflation Reduction Act extended these enhanced credits for three years.

Among the 71 co-sponsors of H.R.1692 – Health Care Affordability Act of 2023 in the House of Representatives is Brooklyn Congressmember Yvette D. Clarke (D-09). Interested readers can track this bill via Congress.gov. The bill has been in the House Ways & Means Committee since March 2023.

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