
Bipartisan Efforts to Keep Health Insurance Affordable for Families
In a move that highlights the urgency of keeping health care accessible for American families, U.S. Representative Tom Kean Jr. recently joined a bipartisan coalition in introducing the Premium Tax Credit Extension Act. This vital legislation aims to safeguard millions from looming health insurance premium hikes as lawmakers navigate the complexities of health care policy.
Initially implemented in 2014 under the Affordable Care Act (ACA), premium tax credits allow low- and middle-income families to afford private health insurance. These credits were temporarily expanded in 2021, a lifeline for countless families who were struggling with rising health care costs during the pandemic.
Why This Legislation Matters Now
Congressman Kean emphasized, "Millions of Americans rely on premium tax credits to keep their health coverage." His remarks reflect a growing concern among legislators and constituents alike. Without intervention, families may face a daunting reality at the end of the year when these credits, which have heavily subsidized insurance costs for over 86% of marketplace enrollees, expire.
Congresswoman Jen Kiggans, a co-sponsor of the act, echoed this sentiment, adding that "we can’t pull the rug out from under hardworking families—we must give Americans more time to plan." The threat of physical and financial insecurity looms large, and for many, affordable health care is a critical component of family stability.
The Broader Implications of Expiring Tax Credits
Experts point out that many Americans are already feeling the pinch from rising inflation and associated costs of living. Ending the premium tax credits could lead to thousands of dollars in unnecessary expenses just to maintain basic health coverage. "Now is not the time for families to be blindsided by skyrocketing health insurance bills," remarked Congressman Tom Suozzi, highlighting the dire need for sustained access to health care.
In light of these developments, the bipartisan support for the Premium Tax Credit Extension Act is more vital than ever. This collaborative effort underscores the importance of working together to ensure that a safety net remains in place for millions of families across the country.
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