Скачать или смотреть Affordable Care Act deadline approaching at end of year

Millions of Americans who buy their own health insurance could soon face major premium increases. Temporary federal subsidies that helped lower costs for the Affordable Care Act or Obamacare are set to expire at the end of the year. So how did we get here?

When the ACA, or Obamacare, first rolled out in 2014, it included premium tax credits to help people pay for insurance. But there was a catch: Those tax credits were limited to people making less than four times the federal poverty level. So, if you made a little too much, you got no help at all. Then came the pandemic.

In 2021, the American Rescue Plan Act made a big change. It temporarily boosted those subsidies and removed that income cap, meaning more middle-income households could qualify for help and those already getting help saw their monthly costs drop even more. This helped drive a record number of Americans to sign up for coverage. Congress extended those subsidies again in 2022 through the Inflation Reduction Act. Now, we're coming up on that deadline. Unless Congress agrees on another extension, the ACA tax credits expire at the end of this year.

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