More than 70 Organizations Call on Congress to Extend Enhanced Premium Tax Credits to Keep Health Care Affordable for Millions of Americans

12.09.2024 /Press Release

More than 70 Organizations Call on Congress to Extend Enhanced Premium Tax Credits to Keep Health Care Affordable for Millions of Americans

WASHINGTON, D.C. - Today, Families USA released a letter from more than 70 organizations, representing consumer and child advocates, labor, equity, providers, patients, disability rights groups, aging organizations, and more, calling on Congress to pass an extension of the enhanced premium tax credits that nearly 20 million Americans depend on to get affordable health care. If Congress fails to extend these critical tax credits, millions of Americans will lose their coverage, and millions more
will see their monthly premiums spike significantly.

The letter comes on the heels of the new Congressional Budget Office report indicating that the number of people without health insurance will increase by 2.2 million in the first year (growing to nearly four million in the years after that), and those with health insurance will see their unsubsidized gross monthly premiums increase by as much as 8% each year. Due to the loss of the tax credits, millions will see their premiums spike by hundreds or thousands of dollars a year.

The letter underscores who will be hit the hardest by the premium increases: older Americans, rural households, lower- and middle-income working families, small business owners and self-employed individuals (including independent contractors, gig workers, and farmers). It also notes that most individuals enrolled in coverage through a marketplace plan will experience significant increases - and many will see premiums double - if Congress neglects to act before the enhanced subsidies expire at the end of 2025. In addition. four million people would lose coverage entirely, causing the uninsured rate to grow significantly-by more than 30 percent in six states-and putting pressure on health systems and local budgets.

The letter concludes with a call to action from the organizations, "Only Congress can protect these hardworking Americans by preventing this middle-class tax hike at a time when Americans can least afford it. They need you to take decisive action to protect their health and financial security, and to do it before the end of the year."

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Families USA, a leading national voice for health care consumers, is dedicated to the achievement of high quality, affordable health care and improved health for all.