Summary
Health care premiums are set to rise significantly for over 100,000 New Yorkers because existing enhanced tax credits are at risk of expiring. Democratic New York Governor Kathy Hochul criticizes congressional Republicans for not extending these tax credits, which help keep health care costs affordable. Without action from Congress, premiums may increase by nearly 40%, affecting many New Yorkers.
Key Facts
- Health care premiums will increase for about 140,000 New Yorkers if tax credits expire.
- The average premium increase is expected to be 38% next year.
- This increase equates to an additional $1,400 annually for individuals and $3,000 for couples.
- The tax credit extension is stalled due to a political standoff in Congress.
- Without the tax credits, insurance costs will rise, affecting affordability and coverage.
- Enhanced tax credits under the Affordable Care Act have helped many Americans afford insurance.
- The New York State government urges Congress to extend the tax credits to prevent higher costs.
