Sen. Gillibrand calls for extension of ARPA premium tax credit
New York Senator Kirsten Gillibrand is urging Congress to extended a subsidy that makes healthcare more affordable.
The American Rescue Plan Act expanded the Affordable Care Act premium tax credit to help reduce out-of-pocket premiums during the pandemic, but the provision is set to expire in a few months.
Gillibrand said without an extension of the subsidies, up to 49,000 New Yorkers could lose their health insurance.
“A New York family of four with a household income of $120,000 could see a monthly premium increase of $851. Working Families would once again be forced to decide between paying for health care and other life’s necessities.”
Gillibrand added that the premium tax credits also increased healthcare enrollment.
Estimated 5.8 million new people signed up for coverage the enrollment period in 2021. The Senator said if the tax credits are allowed to expire, any progress in closing the health insurance gap will be lost.