ICYMI: In New Explainer Video, Shaheen Underscores the Importance of Extending ACA Tax Credits
(Washington, DC) - This week, U.S. Senator Jeanne Shaheen (D-NH) released a new video explaining the importance of Affordable Care Act (ACA) enhanced premium tax credits, which bring affordable health care within reach for tens of millions of Americans. In the video, Shaheen also outlines the stakes of Republican inaction, which would drive a 75% average increase in premiums for those receiving health care through the ACA marketplace at a time when Americans are already facing financial pressure from rising prices on everyday goods. If Republicans in Congress let the enhanced premium tax credits expire, an estimated 4 million Americans would lose health care coverage all together, and 20 million more will see premiums skyrocket. You can watch the full video HERE.
Full Video Transcript:
If you’ve been following the news lately, you might have seen a lot of people talking about the “Affordable Care Act enhanced premium tax credits.”
That’s because these credits, which help keep health care costs down for millions of Americans, are about to expire at the end of this year.
Let me tell you about, what these credits are, why you should care and what could happen if Republicans allow them to expire at the end of the year.
When you search for health care coverage through the ACA Marketplace on healthcare.gov, the rates you see are discounted thanks to these tax credits.
These tax credits work by lowering peoples’ premiums – what you pay for health care coverage.
They don’t go to the wealthy or corporations – they go to everyday working people, many of whom literally wouldn’t be able to afford health care without them.
If the tax credits expire at the end of the year, the costs of premiums will explode. In fact, experts expect to see the largest premium increases in nearly a decade in health care costs.
That huge cost increase would come at a time when the cost of living is already too high, and it would disproportionately hurt Americans who are older, who are working, who are self-employed and those living in rural areas.
Now, the good news is that we can still prevent these tax credits from expiring.
I’ve introduced legislation that would permanently extend these credits and prevent health care costs from climbing even higher and squeezing working Americans already facing a cost-of-living crisis.
But this year my Republican colleagues and the White House have blocked three attempts to pass this extension and they’re still holding it up.
If Congress doesn’t act, 20 million Americans are going to see their health insurance costs skyrocket and four million Americans are expected to lose their coverage.
And it’s not just those who get their health care coverage through the Affordable Care Act who will see these costs go up.
Without these tax credits, more Americans will go uninsured and costs will go up as people without insurance are forced to seek care at emergency rooms.
And here’s the thing: these premium tax credits work.
They’ve helped fuel record enrollment. They’ve brought quality, affordable health care within reach for millions and millions of families who otherwise wouldn’t be able to afford it. For so many, they’ve created much needed breathing room in household budgets.
To pull the rug out now would be a real catastrophe.
So, as Congress discusses how to avert another government shutdown, there’s a real opportunity to get this done. I sincerely hope my Republican colleagues will come to the table so that we can work in a bipartisan way to preserve these credits, to keep costs from skyrocketing further and to deliver lasting relief for everyday families.
This week, Shaheen released a second video showcasing a conversation with her constituent—Paul from Canaan, NH— discussing the importance of Affordable Care Act enhanced premium tax credits for working families like his. Earlier this month, Shaheen and a group of her colleagues published the findings from a report they commissioned detailing the disastrous impacts Republican-led cuts to health care, including allowing enhanced premium tax credits to expire this year, will have on Americans’ health insurance plans. The report outlines a 75% increase in net premiums, the largest rate change insurers have requested since 2018.
Shaheen champions efforts in Congress to make health care more affordable and accessible for Granite Staters and all Americans. Shaheen’s first bill introduction this Congress was her landmark Health Care Affordability Act—bicameral legislation with U.S. Senator Tammy Baldwin (D-WI) and U.S. Congresswoman Lauren Underwood (IL-14) to permanently extend enhanced premium tax credits for Marketplace coverage that have lowered health care costs for millions of Americans. In July, Shaheen delivered remarks alongside her Senate colleagues about the consequences of allowing the vital tax credits to expire at the end of this year.
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