The Inflation Reduction Act extended the premium tax credit (PTC) through the end of 2025. The credit helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. The Congressional Budget Office recently estimated if the expiring credit isn’t renewed, 3.8 million more people will go uninsured each year over a 10-year period. The CBO said the expiration would also lead to an average 7.9% increase in Marketplace premiums over the same period. In response, Democratic lawmakers are urging swift passage of the Health Care Affordability Act of 2024 to make the PTC permanent. Republican lawmakers have concerns over the costs. Stay tuned.
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