Allowing the Inflation Reduction Act’s Enhanced Premium Tax Credits to Expire Will Result in 5 Million Losing Insurance and Premium Hikes for 20 Million Americans
Washington D.C. — Yesterday, Congressional leaders released the text of their short-term spending bill. After weeks of negotiations, Republicans refused to extend the health care enhanced premium tax credits for one year. These tax credits, which lowered the cost of health care for millions of people purchasing coverage on their own, are set to expire at the end of 2025. If Congress fails to act, an estimated 5 million Americans would become uninsured and costs would skyrocket for millions more. In response, Protect Our Care Chair Leslie Dach issued the following statement:
“Republicans have made clear that they support premium hikes for 20 million Americans. They are more focused on delivering tax breaks to their wealthy friends than keeping health care affordable for their constituents. Republicans will force middle-class families to spend up to 90 percent more for their health insurance. As a result, health care costs will skyrocket for small business owners, people living in rural areas, farmers, people with pre-existing conditions, and older adults. If Republicans let these tax credits expire, the GOP will own this premium hike for middle-class families and the coverage losses for millions that come with it.”