Third Way Statement on Republicans’ Failure to Extend ACA Tax Credits

Washington—Third Way issued the following statement from Darbin Wofford, Deputy Director of Health Care:

“Without a peep, Congressional Republicans just slapped middle-class families with a $23 billion health care bill. Today was the deadline for insurers to submit next year’s premium rates to the federal government. Since Republicans refused to extend key tax credits, millions of people will soon get renewal notices showing their health insurance costs shooting up. 

“Since 2021, Democrats have capped ACA premiums at 8.5% or less of a person’s income, making coverage affordable for millions. However, these enhanced tax credits will expire at the end of this year without Congressional action. Were that to happen, middle-class families will see a $23 billion premium hike next year and $32 billion the following year. This will drive up health insurance premiums, burden small businesses, push millions off coverage, and saddle families with higher out-of-pocket costs and medical debt.

“The threat of rising costs is not theoretical. Early filings by health insurance plans already show a double digit increase in premiums. Consumers will face even greater financial strain when the protection from ACA tax credits is eliminated.

“If Republicans continue to sit on their hands, at least four million people will lose health insurance and 24 million will get slammed with premiums hikes, and the 10 million people already kicked off Medicaid by Republican cuts will have nowhere to turn.”