As Many As 1.7 Million New Yorkers Could See Their Health Care Costs Skyrocket in the New Year if Subsidies Are Not Extended on Thursday
Today, U.S. Senator Kirsten Gillibrand (D-NY) held a virtual press conference to demand that her Republican colleagues vote to extend the subsidies that help millions of Americans afford health care.
On Thursday, December 11th, Democrats will force a vote on a three-year extension of the Affordable Care Act enhanced premium tax credits. This is Republicans’ last chance to stop health care premiums from doubling and even tripling at the end of 2025. Gillibrand demanded that her Republican colleagues support this legislation.
“New Yorkers are already struggling with rising costs in Trump’s America. The last thing they need is skyrocketing health insurance premiums putting further strain on their bank accounts,” said Senator Gillibrand. “Those who benefit the most from ACA tax credits are working-class individuals who are the very backbone of our economy — the families who own mom-and-pop corner stores, New Yorkers who run farms that have been in their families for generations, and the single parents who work long hours to put food on the table for their kids. We owe it to them to extend the lifesaving tax credits that help them afford health care. That’s why I’m demanding that my Republican colleagues vote yes on a three-year extension of the ACA tax credits when Democrats bring this proposal to the floor tomorrow.”
Without an extension, ACA enhanced premium tax credits will expire at the end of 2025, causing 20 million Americans—including as many as 1.7 million New Yorkers—to see a drastic increase in their health insurance costs. In New York, a family of four with a household income of $125,000 per year will see an average increase of over $14,000 in their annual health insurance costs if these tax credits are allowed to expire. Gillibrand emphasized the impossible choices that this will force upon working New Yorkers.
Senator Gillibrand has been sounding the alarm about the necessity of extending the ACA tax credits for months. Earlier this year, she released a county-by-county breakdown of expected ACA premium increases for individuals and families across New York. This morning, she also made the case for extending the subsidies in an opinion piece published in the New York Daily News.
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