The Inflation Reduction Act, passed by the US Senate this Sunday, would preserve healthcare subsidies for 13 million people who purchase care through the marketplace. The bill, if passed by the House, would extend the subsidies through 2025. Originally, the subsidies only extended to the end of 2022.
According to Sarah O’Brien, “Before the temporary changes, the aid was generally only available to households with income from 100% to 400% of the poverty level. The American Rescue Plan Act, which was signed into law in March 2021, removed — for two years — that income cap, and the amount that anyone pays for premiums is limited to 8.5% of their income as calculated by the exchange.”
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(Source: CNBC, August 8th, 2022)
