Extending Tax Credits to Keep Costs Down

Several years ago, Congress provided enhanced tax credits to drive down the cost of health insurance. As a result, a record number of people are able to purchase high quality, affordable health insurance. If Congress does not act, these tax credits will expire at the end of this year, and millions of people could see their health insurance costs go up dramatically.

These cost increases will be most severe for people who purchase their own insurance. People like small business owners, gig workers, farmers, early retirees, and people with serious or chronic conditions, who aren’t always able to access insurance through work based coverage- these are the people who will be most impacted.

Access to high quality, affordable health insurance is especially important for people with chronic diseases- like heart disease and stroke- and their families. It helps them pay for crucial preventive screenings and other needs that come with battling these chronic conditions. If these tax credits are allowed to expire, millions of people might be forced to choose between their health insurance and other important needs like housing or healthy food.

Do you have experience buying your own health insurance on an exchange? If so, would you be willing to share your story with us? The story of how these tax credits have helped you and your family could be critical in convincing Congress to extend them.