Legislative measures were taken in response to the COVID-19 epidemic, including the ARPA American Rescue Plan Act, which provided financial assistance to families and small businesses in the United States. Another was the APTC Advanced Premium Tax Credit, which was a tax credit applied 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 originally 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 premiums for millions of Americans who have signed up for Affordable Care Act health insurance plans might rise as much as 50% in 2023, and that such an increase would be disastrous 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. Also, having an HSA health savings account might help, too, with tax-deferred savings.
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