Millions Face Higher Healthcare Costs as Tax Credits Expire
The expiration of enhanced tax credits at the end of 2022 threatens to increase healthcare costs for millions of Americans, with a majority of the public, including 59% of Republicans, calling for their extension. The Democratic Party has proposed extending these tax credits for low- and middle-income individuals, aiming to prevent a significant rise in premiums for marketplace customers. Without this extension, enrollees face a 'double whammy' of losing financial assistance and seeing premium increases. If Congress fails to act, most people would hold President Trump or Republican lawmakers responsible. Nearly 80% of Americans support the extension of these tax credits for affordable individual coverage under the Affordable Care Act. With the enhanced tax credits set to expire, both parties and the public agree on the need for their extension. Failure to do so may result in substantial premium increases for millions of Americans.
