Several legislative measures were taken during the COVID-19 epidemic to help manage the economic damage that was caused. One was the ARPA American Rescue Plan Act, which provided stimulus checks and other services to families and small businesses in the United States. Another was the APTC Advanced Premium Tax Credit, which was a tax credit taken in advance to help lower health insurance premiums. Most of these measures are expected to expire by the end of this year.
The Build Back Better Act usually proposed to make these APTCs permanent, according to Jae Oh, the author of Maximize Your Medicare. However, without action, they will expire at the end of this year.
The Kaiser Family Foundation, an American non-profit organization, forecasts that insurance premiums for millions of Americans who have signed on to the Affordable Care Act would rise significantly in 2023, including as much as 50%. That level of increase, in a time of high inflation as we are currently experiencing, might be extremely problematic for individuals and families.
Can consumers do anything about this? Jae Oh says yes! People should take a look at their health and plans to see if what they have is the best fit for them. It's also possible for individuals to set aside tax-deferred savings in the future if they need to.
You Might Also Like It
Other Retirement Daily related articles
Most people rely on employer-provided health insurance until they qualify for government-provided coverage, but what are the alternatives?
Jae Oh explains what's happening with Medicare Part B premiums and what it means for your finances.
The author of Maximize Your Medicare, Jae Oh, discusses how large capital gains distributions can have detrimental effects.