Warner, Kaine, Colleagues Introduce Bicameral Legislation to Extend Tax Credits, Lower Health Care Costs for Millions of Americans

WASHINGTON — Today, U.S. Sens. MarkR. Warner, a member of the Senate Finance Committee, andTim Kaine, a member of the Senate Health, Education, Labor and Pensions Committee, (both D-VA) joined a group of Senate colleagues in reintroducing theHealth Care Affordability Act, legislation to lower health care costs for millions of Americans and makepermanentthecurrentenhanced premium tax credits (PTCs) for Health Insurance Marketplace coverage.ThePTCs werecreated in theAffordable Care Actandpreviously enhanced under theAmerican Rescue Plan Actand theInflation Reduction Actbut are set to expire at the end of this year, increasing health insurance costs for over 20 million Americans. TheHealth Care Affordability Actwould make the enhanced PTCs permanent, ensuring that these Americans don’t face suddencostincreasesor leave almost3.8million Americanseach year without coverage at all.Without this extension, out-of-pocket premium payments across the Commonwealth are projected toincrease 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, theseenhanced tax creditswill expire. We are proud to introduce this legislation thatwill ensure more than 20 millionAmericans 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 availablehere.

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