King Cosponsors Legislation to Keep Health Care Costs Down for Thousands of Maine People

January 13, 2025
WASHINGTON, D.C. —U.S. Senator Angus King is cosponsoring legislation to help Maine people avoid a dramatic spike in their health care costs. TheHealth Care Affordability Actwould permanently extend the enhanced Premium Tax Credits (PTCs)—tax subsidies that increase the amount of financial assistance available to people buying their own health insurance, which will expire at the end of this year. The enhanced PTCs have protected millions of Americans from higher health care costs, reduced the number of Americans without coverage, provided robust choices for consumers and provided stability for health care providers, particularly in rural areas.
The PTCs were originally created under theAffordable Care Act(ACA), enhanced under theAmerican Rescue Planand later extended under theInflation Reduction Act. The extension will expire at the end of 2025, leaving over 20 million Americans facing a sudden increase in their health insurance costs if not extended. It is estimated that 3,000 Maine people would lose insurance, the uninsured rate would increase by 5%, and that the average annual premium increase for Maine people would be $1,030.
“Maine people shouldn’t have to break the bank to ensure themselves and their families can afford quality health insurance,”said Senator King. “The premium tax credits established under theAffordable Care Acthelped to lower costs and put health care back in reach for millions across the country. However, without action, these credits are at risk of expiring and leaving thousands of Maine people facing a hike in their monthly expenses. TheHealth Care Affordability Actwill permanently extend these savings to keep costs down and ensure even more people can access the care they need.”
Senator King has consistently worked to reduce healthcare costs for Maine people. TheInflation Reduction Acthas laid the groundwork for — and in some cases already implemented — long-term changes in federal policy that will keep people healthier and deliver higher quality care at a lower cost to patients. These benefits are delivered while simultaneously reducing the deficit by finally allowing Medicare to negotiating bulk discounts on the price it pays for prescription drugs;saving the taxpayershundreds of billions. Senator King recently lauded a key, cost-saving, provision of theInflation Reduction Act:the $2,000 cap on out-of-pocket expensesfor Medicaid recipients.
Additionally, Senator King has worked to reduce prescription drug costs. He has previouslyintroduced legislationto prohibit pharmaceutical drug manufacturers from claiming tax deductions for consumer advertising expenses and also introducedbipartisan legislationto require price transparency in prescription drug advertisements. Previously, he introduced the bipartisanPhysician Fee Stabilization Actto protect seniors’ access to healthcare, and alsointroduced legislationto make mental health and behavioral health care serves more affordable.
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