What if the American Rescue Plan Act premium tax credits expire?: coverage and cost projections for 2023

What if the American Rescue Plan Act premium tax credits expire?: coverage and cost projections for 2023

Collection:
Health Policy and Services Research
Author(s):
Buettgens, Matthew, author
Banthin, Jessica S., author
Green, Andrew, (Of Urban Institute), author
Contributor(s):
Robert Wood Johnson Foundation, issuing body.
Urban Institute, issuing body.
Publication:
Washington, DC : Urban Institute, April 2022
Language(s):
English
Format:
Text
Subject(s):
Financing, Government -- economics
Health Equity -- economics
Health Expenditures -- statistics & numerical data
Health Policy
Insurance, Health -- statistics & numerical data
Social Mobility
United States
Genre(s):
Technical Report
Abstract:
The American Rescue Plan Act of 2021 (ARP) increased premium tax credits (PTCs) for Marketplace coverage and extended eligibility for PTCs to people with incomes above 400 percent of the federal poverty level (FPL). Consequently, Marketplace enrollment reached a record high during the 2022 open enrollment period (OEP), which ended in January. However, these enhancements are set to expire after 2022. We find that if they are not extended, 3.1 million more people will be uninsured in 2023, and Marketplace enrollees will spend hundreds of dollars more per person on premiums. Unless legislation extending the enhanced PTCs also raises revenue, we estimate that extending the enhanced PTCs will increase the federal deficit by $305 billion over 10 years. If Congress wishes to extend the PTCs, acting by midsummer would give the Marketplaces, insurers, and outreach programs time to prepare for the 2023 OEP, which begins this November.
Copyright:
Reproduced with permission of the copyright holder. Further use of the material is subject to CC BY-NC-DC license. (More information)
Extent:
1 online resource (1 PDF file (21 pages))
NLM Unique ID:
9918486682106676 (See catalog record)
Permanent Link:
http://resource.nlm.nih.gov/9918486682106676