Underwood and Shaheen Introduce Legislation to Permanently Lower Health Care Costs
WASHINGTON – This week, Representative Lauren Underwood (IL-14) and Senator Jeanne Shaheen (D-NH) introduced H.R.9774, the Health Care Affordability Act of 2024, critical legislation that would permanently lower the cost of health care premiums for families across the country.
Underwood first introduced the Health Care Affordability Act in 2019. A short-term version of the bill was signed into law as a part of the American Rescue Plan and extended in the Inflation Reduction Act.
As a result, families of four are saving an average of $2,400 on their annual premiums for Marketplace plans. The savings have led to a record breaking and historic expansion of health care coverage, with 50 million Americans now enrolled in marketplace plans. Four in five Americans can now find health coverage for $10 a month because of the Health Care Affordability Act.
“The Health Care Affordability Act has led to an historic expansion in coverage, putting quality, affordable health care within reach for millions of people,” said Underwood. “This legislation works, and Congress must build on the historic progress we have made by making these savings permanent.”
“For years, the ACA enhanced premium tax credits have significantly lowered costs and increased access to health insurance for families in New Hampshire and across the country. But let's be very clear: if Congress fails to act before these tax credits expire, tens of millions of Americans will suffer a substantial increase in health care costs and millions of individuals could lose their health insurance entirely,” said Senator Shaheen. “It's time to extend these highly effective tax credits to keep costs from skyrocketing and ensure health care is within reach for every American, and I’m proud that our Health Care Affordability Act does just that.”
As a registered nurse, Underwood came to Congress to expand access to high-quality, affordable health care for every American. The Health Care Affordability Act lowers health care premiums by making tax credits for Marketplace plans more generous and available to more Americans.
The Health Care Affordability Act of 2024 includes technical edits to ensure that no household pays above 8.5% of their incomes towards their health care premiums.
The Health Care Affordability Act is endorsed by the following organizations: Unidos US, National Partnership for Women and Families, National Association for the Advancement of Colored People (NAACP), Keep Americans Covered, Protect Our Care, Leukemia & Lymphoma Society, Center for American Progress, United States of Care, Young Invincibles, Families USA, American Heart Association, National Bleeding Disorders Foundation, National Health Council, Epilepsy Foundation, Hemophilia Federation of America, American Kidney Fund, The AIDS Institute, American Lung Association, American Cancer Society Cancer Action Network, Susan G. Komen, Cystic Fibrosis Foundation, Third Way, Community Catalyst, Alliance of Community Health Plans, National Organization for Rare Disorders, Asthma and Allergy Foundation of America, WomenHeart, CancerCare, Crohn’s & Colitis Foundation, National Alliance on Mental Illness (NAMI), Federation of American Hospitals.
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