The American Medical Association, American Hospital Association, AHIP and other healthcare organizations penned a letter May 3 to congressional leaders urging the permanent expansion of premium tax credits offered under the Affordable Care Act, which are set to expire at the end of this year.
The tax credits guarantee that individuals don't spend more than 8.5 percent of their income on insurance premiums. Families with income between 100 and 150 percent of the federal poverty level are eligible for $0 premiums under benchmark silver plans.
More than 14.5 million Americans received the tax credits by enrolling in an ACA plan in 2022. Of those, 3 million were new consumers and 3.2 million chose plans with a monthly premium of $10 or less, according to the letter.
Once the credits expire, coverage may become unaffordable for some and could lead to the loss of coverage entirely.
The letter asking for permanent tax credits was also signed by the American Academy of Family Physicians, the Blue Cross Blue Shield Association and the Federation of American Hospitals.