Millions will lose health coverage if ACA subsidies expire: CBO [View all]
Source: The Hill
12/06/24 2:08 PM ET
A new report released by the Congressional Budget Office (CBO) found that if the Affordable Care Act extended subsidies are allowed to expire at the end of 2025, millions of people will become uninsured and premiums will rise.
Responding to the Senate Committee on Finance, the CBO found that “not extending the credit will increase the number of people without health insurance and raise the average gross benchmark premiums for plans purchased through the marketplaces.”
The extended tax subsidies were first enacted in 2021 through the American Rescue Plan Act (ARPA) and extended to the end of 2025 through the Inflation Reduction Act. The premium tax credits ARPA lower out-of-pocket costs for eligible households.
“Without a permanent extension, CBO estimates, the number of uninsured people will rise by 2.2 million in 2026, by 3.7 million in 2027, and by 3.8 million, on average, in each year over the 2026-2034 period,” the report states.
Read more: https://thehill.com/policy/healthcare/5026478-affordable-care-act-subsidies-expiration-health-coverage/
Link to CBO REPORT site - The Effects of Not Extending the Expanded Premium Tax Credits for the Number of Uninsured People and the Growth in Premiums
Link to CBO REPORT (PDF) - https://www.cbo.gov/system/files/2024-12/59230-ARPA.pdf
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