Warner, Kaine Colleagues Introduce Bicameral Legislation To Extend Tax Credits, Lower Health Care Costs For Millions Of Americans

WASHINGTON — Today, U.S. Sens. Mark R. Warner, a member of the Senate Finance Committee, and Tim Kaine, a member of the Senate Health, Education, Labor and Pensions Committee, (both D-VA) joined a group of Senate colleagues in reintroducing the Health Care Affordability Act, legislation to lower health care costs for millions of Americans and make permanent the current enhanced premium tax credits (PTCs) for Health Insurance Marketplace coverage. The PTCs were created in the Affordable Care Act and previously enhanced under the American Rescue Plan Act and the Inflation Reduction Act but are set to expire at the end of this year, increasing health insurance costs for over 20 million Americans. The Health Care Affordability Act would make the enhanced PTCs permanent, ensuring that these Americans don’t face sudden cost increases or leave almost 3.8 million Americans each year without coverage at all. Without this extension, out-of-pocket premium payments across the Commonwealth are projected to increase as much as 33%, according to the Virginia State Corporation Commission.

“For years, the ACA premium tax credits have lowered health care costs and increased access to insurance for Virginians and their families,” said the senators. “And through the American Rescue Plan Act and the Inflation Reduction Act, we further lowered costs for American families. But without action, these enhanced tax credits will expire. We are proud to introduce this legislation that will ensure more than 20 million Americans don’t face unfair cost increases at the end of the year.”

Sens. Warner and Kaine have long fought to lower health care costs and increase accessibility for all Americans.

In addition to Sens. Warner and Kaine, the bill is sponsored by U.S. Sens. Jeanne Shaheen (D-NH), Tammy Baldwin (D-WI), Chuck Schumer (D-NY), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Angus King (I-ME), Maggie Hassan (D-NH), Peter Welch (D-VT), Chris Coons (D-DE), Elizabeth Warren (D-MA), Dick Durbin (D-IL), Patty Murray (D-WA), Raphael Warnock (D-GA), Kirsten Gillibrand (D-NY), Jack Reed (D-RI), Tammy Duckworth (D-IL), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Brian Schatz (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Amy Klobuchar (D-MN), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Cory Booker (D-NJ), Sheldon Whitehouse (D-RI), Jeff Merkley (D-OR), Adam Schiff (D-CA), Ed Markey (D-MA), Ben Ray Luján (D-NM), Mazie Hirono (D-HI), Michael Bennet (D-CO), John Hickenlooper (D-CO), Gary Peters (D-MI), John Fetterman (D-PA), Martin Heinrich (D-NM), Andy Kim (D-NJ) and Elissa Slotkin (D-MI).

In the House of Representatives, the legislation is sponsored by U.S. Rep. Lauren Underwood (D-IL-14).

Full text of the bill is available here.

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