Coverage and Cost Projections for 2023: Over 3 Million People Could Lose Insurance if American Rescue Plans’ Premium Tax Credits Expire
The American Rescue Plan Act of 2021 (ARP) increased Premium Tax Credits (PTCs) for Marketplace insurance coverage and extended eligibility for PTCs to more individuals, making health insurance more affordable for millions in America. However, the enhanced tax credits are set to expire after 2022.
The ARP’s enhanced PTCs resulted in unprecedented enrollment in Marketplace health insurance. Their expiration would result in mass coverage losses and premium hikes. Researchers say Congress would need to act by midsummer if they wish to extend the PTCs to give Marketplaces, insurers, and outreach programs time to prepare for the 2023 open enrollment period, which begins this November.
The nonprofit Urban Institute is dedicated to elevating the debate on social and economic policy. For nearly five decades, Urban scholars have conducted research and offered evidence-based solutions that improve lives and strengthen communities across a rapidly urbanizing world. Their objective research helps expand opportunities for all, reduce hardship among the most vulnerable, and strengthen the effectiveness of the public sector. Visit the Urban Institute’s Health Policy Center for more information specific to its staff and its recent research.
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