Rick Thornton, a Arlington health insurance agent, said Congress’ passage of the Inflation Reduction Act extends subsidies for millions of Americans who buy individual coverage under the Affordable Care Act.
Health insurance in Arlington has gained never-before-seen favor in the eyes of insurers and the millions of Americans who previously could not afford proper health insurance coverage. Until recently, there was a concern that those subsidies would end if not extended by Congress, but now, that threat is no more. According to several published reports out of Washington in early August, Congress passed the Inflation Reduction Act and extended subsidies for millions of Americans who buy individual coverage under the Affordable Care Act. These subsidies, which had been temporary, had a two-pronged benefit of increasing financial assistance to those who were already eligible to buy ACA coverage as well as expanding credits to an increasingly larger group of middle-class Americans who previously couldn’t afford coverage.
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According to the latest news, millions of individuals with Arlington health insurance will maintain coverage for at least the next three years per the extension. Chiquita Brooks-LaSure, the Administrator of the Centers for Medicare & Medicaid Services, said the bill will “save millions of people an average of $800 a year on health insurance premiums.” In turn, the health insurers who sell ACA coverage will also see a benefit as more people continue to enroll. The tax credits were slated to expire this year, which would have impacted 2023 benefit plans.
Rick Thornton, an Arlington health insurance agent , says one of the biggest reasons why so many people continue to enroll, and legislation to extend credits is passed, is because the Affordable Care Act is working. Enrollments have skyrocketed over the past year — especially after the current administration boosted subsidies in an effort to significantly reduce the out-of-pocket expenses of millions of Americans and their families. As a result, more Americans have affordable health insurance in an age where rising costs and the pandemic have shifted perceptions of what is truly affordable healthcare for all.
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