Shaheen Reintroduces Legislation to Lower Health Care Costs & Expand Access to Insurance for Millions More Americans

23 January 2023

**Provisions of the Health Insurance Portability Act through the Inflation Reduction Act and the American Rescue Plan Act were signed into law**

**Estimates suggest 8.9 million Americans could have lower premiums thanks to enhanced tax credits**

**Shaheen’s efforts mark the most significant update to the Affordable Care Act in a decade**

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) today reintroduced her legislation. Improving the Health Insurance Subsidy Act. The bill would make permanent enhanced tax credits that led to record market enrollment, while lowering health care costs for millions of additional Americans.

In the last Congress, Shaheen successfully pushed through provisions to improve the premium tax credit through the American Rescue Plan, the COVID-19 relief legislation. The expansion of these premium tax credits marked the biggest improvement in the Affordable Care Act since it became law a decade ago. As the tax credits were set to expire at the end of last year, Shaheen successfully extended their authorization. Inflation Reduction Act. those Improving the Health Insurance Subsidy Act Making these tax credits permanent builds on these efforts by reducing out-of-pocket costs for marketplace registrants. These provisions will expand access to health care and lower costs for tens of thousands of Granite Staters and millions of Americans.

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“As new COVID strains and viruses like flu and RSV continue to impact our communities, access to quality, affordable health care continues to be essential. The ACA tax credits authorized by both the American Rescue Plan and the Inflation Reduction Act have already had a big impact on families—significantly lowering costs and increasing access to health insurance. Now, it’s time to make these improvements to the ACA permanent. Shaheen said. “For years I have been warning about the need for my legislation to expand and improve the ACA premium tax credits, and I hope this Congress will finally take the necessary action to ensure that health care is within reach of every American.”

those Improving the Health Insurance Subsidy ActThe Affordable Care Act’s (ACA’s) enhanced premium tax credits for health insurance marketplace coverage will be permanent. Inflation Reduction Act. Those enhanced tax credits increase the value of tax credits available to people with incomes between 100 and 400 percent of the federal poverty level (FPL), while also expanding eligibility for premium tax credits to include people with incomes above 400 percent of the FPL. The bill would make the second-lowest-cost gold plan the benchmark based on premium tax credits, which would significantly lower deductibles and out-of-pocket costs for families of all incomes. Finally, the bill would increase the value of cost-sharing reduction (CSR) assistance for people with incomes between 100 and 250 percent of the FPL (already eligible), and expand eligibility for CSR assistance to people with incomes up to 400 does Percent of FPL.

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According to the most recent data, nearly 15.9 million Americans have signed up for 2023 Individual Market health insurance coverage through the Marketplace since the start of 2023 Marketplace Open Enrollment. Those record enrollments represent a 13% increase over last year, driven by enhanced tax credits first proposed by the Shaheen Act and eventually extended.Inflation Reduction Act. According to a June 2022 report from the Department of Health and Human Services, without the enhanced tax credits, 8.9 million Americans would have their tax credits reduced and 1.5 million would lose their subsidies entirely. Similarly, an analysis of the changes included in the February 2021 municipal agency’s legislation shows that the bill could significantly reduce out-of-pocket costs for consumers newly eligible for CSR assistance or increase CSR assistance through lower deductibles.

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In addition to Senator Shaheen, the bill was co-sponsored by US Senators Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Bob Casey (D-PA), Tim Kaine (D-VA), Amy Klobuchar (D-MN). , Jack Reed (D-RI), Tina Smith (D-MN), Debbie Stabenow (D-MI), Catherine Cortez Masto (D-NV), Maggie Hassan (D-NH), Ben Cardin (D-MD), ), Michael Bennett (D-CO) and Kirsten Gillibrand (D-NY).

The full text of the bill is available Here.


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