On Sunday August 7th, the U.S. Senate passed the Inflation Reduction Act of 2022. This bill contains a $64 billion, 3-year extension of healthcare subsidies for consumers first introduced in the American Rescue Plan Act (ARPA) of 2021. The bill is expected to be passed by the U.S. House of Representatives when they vote on legislation this Friday August 12th, and will be signed into law shortly after.
This 3-year extension through 2025 to ARPA subsidies is great news for consumers who are receiving much needed help paying for their healthcare coverage! Extending these enhanced subsidies will ensure no family will be forced to pay more than 8.5 percent of their income for ACA coverage, regardless of income.
The ACA is stronger than ever, providing millions of Americans with health coverage that not only meets their needs but also fits their budget!
Stay tuned on additional details on how to apply for subsidies during the upcoming Annual Open Enrollment Period beginning November 1, 2022 for January 1, 2023 coverage.