Underwood, Shaheen Lead Bicameral Letters Urging Congressional Leaders to Make Health Care Savings Permanent

WASHINGTON – Representative Lauren Underwood (IL-14) and Senator Jeanne Shaheen (D-NH) led 190+ Members of Congress across the House and Senate in writing to Congressional leadership and calling on them to act before enhanced Premium Tax Credits (PTCs) expire in 2025. Extending these tax credits would protect millions of Americans who are counting on these savings for affordable health care. The savings have led to record breaking enrollment in the Affordable Care Act and have made coverage through marketplace plans more affordable and popular than ever before.

In their letters, Underwood and Shaheen warn that if the tax creditsare allowed to expire in 2025, over 20 million Americans will see a sudden increase in the cost of their health coverage, an estimated three million Americans could lose their coverage entirely, and nearly nine million people will pay more—roughly $406 per person—for coverage.

In the House letter, lawmakers said: “The enactment of the enhanced PTCs by Congress was a foundational step towards keeping health care premiums low and putting money back in families’ pockets – and our work is just getting started. By including provisions to extend the enhanced PTCs in the soonest possible legislative opportunity and creating a pathway for making them permanent, we can finish the job for the American people and keep quality health care within reach for our constituents.”

In the Senate letter, the lawmakers wrote: “Over the past 15 years, Congress has made enormous progress toward delivering affordable health care for all Americans. This includes providing additional financial support through enhanced Premium Tax Credits (PTCs) for the 20 million Americans who buy their coverage on the individual marketplaces, expanding Medicaid to cover an additional 24 million people and lowering prescription drug costs for tens of millions of older adults.”  

They continued: “The enhanced PTCs have protected millions of Americans from higher health care costs, reduced the number of Americans without coverage, provided robust choices for consumers and provided stability for health care providers, particularly in rural areas. It is clear that the enhanced PTCs have proven to be an overwhelming success, and, as millions of Americans face an increase in their insurance costs, it is time to make the investment permanent.” 

Full text of the Senate letter can be found here. 

Full text of the House letter can be found here.