The American Rescue Plan, signed into law in March 2021, temporarily expanded premium tax credits for consumers signing up for health coverage through the Affordable Care Act marketplaces. Those tax credits are set to expire at the end of this year.
Absent Congressional action, many consumers will see health-coverage costs skyrocket next year, Biden administration officials warned Wednesday.
“Time is of the essence,” Chiquita Brooks-LaSure, administrator of the Centers for Medicare and Medicaid Services, said on a call with reporters Wednesday. As this fall’s open enrollment for 2023 marketplace coverage draws near, “we want to make sure that people know the subsidies will be in place,” she said.
If Congress does not act, more than 10 million people will see their premium tax credits reduced or lose them entirely, according to federal estimates, and about 3 million people could lose their health insurance. Congressional action later in the year could generate confusion as people are signing up for 2023 coverage, Brooks-LaSure said. “Of course we will pivot as quickly as we need to,” she said. But if action comes in the middle of open enrollment, it “would be so difficult for people to understand what was happening.”
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