Majority of Americans Support Extending Tax Credits for Health Insurance
A recent poll conducted by the health care research nonprofit KFF has found that most Americans want Congress to extend tax credits that are set to expire at the end of the year, which could raise health insurance costs for millions of Americans. The survey, which was conducted from September 23-29, shows that 78% of Americans support extending the tax credits, including majorities of Democrats, independents, and Republicans.
The tax credits in question are part of the Affordable Care Act (ACA) and allow low-income enrollees to access health plans with no premiums and cap high earners’ premiums at 8.5% of their income. If the subsidies are not extended, ACA premiums will more than double for the average ACA enrollee, according to a KFF analysis. The poll found that about 6 in 10 people who have self-purchased insurance said they had heard “a little” or “nothing” about the tax credits’ expiration.
Impact on Health Insurance Costs
The expiration of the tax credits could have a significant impact on health insurance costs for millions of Americans. According to the KFF poll, 70% of people who purchase insurance through the ACA Marketplace said they could not afford nearly double the cost they pay in health insurance premiums without significantly disrupting their household finances. About 4 in 10 said they would go without health insurance coverage if their premiums rose that much, while a similar share said they would keep paying and 22% would seek insurance from another source, like an employer or spouse’s employer.
