WASHINGTON – Today, the Blue Cross Blue Shield Association (BCBSA) released an analysis of inflation data that shows how prices at the pump and the grocery store pale in comparison to the steep rise in health care costs if Congress does not extend critical insurance tax credits before they expire. Unless Congress extends health care tax credits expanded by the American Rescue Plan Act (ARPA), the average American family would see their health insurance bill increase by 21%, while low-income consumers in some areas of the United States could see their bill double.
“Millions of Americans are at risk of seeing their health insurance costs skyrocket if Congress does not take action to extend the ACA tax credits. Paired with the profound, ongoing impact of inflation on basic needs like gas and groceries, millions of people will be effectively priced out of coverage with their health at stake,” said Kim Keck, BCBSA president and CEO. “Blue Cross and Blue Shield companies will always be on the side of individuals and families—fighting for greater access to affordable health care. Congress must act quickly, extend the ACA tax credits and finish the fight to protect Americans’ health.”
Today, nearly 13 million people depend on premium tax credits to afford health insurance through the Affordable Care Act (ACA) marketplace. If the tax credits are not extended, millions of people are at risk of losing the affordable coverage they and their families rely on next year. Conservative estimates place this number at 5.1 million newly uninsured Americans.
“Families should not have to risk their peace of mind and financial security,” continued Keck. “To ensure millions of Americans do not lose the coverage they count on, Blue Cross and Blue Shield companies urge Congress to extend premium tax credits. Congress must protect this vital program that helps make health care more affordable and protects American families from price increases they cannot handle.”
Learn more about the impact of not extending the ARPA tax credits.