Millions of people in the United States will be spared from big increases in health care costs next year after President Joe Biden signed legislation extending generous subsidies for those who buy plans through federal and state marketplaces.
The sweeping climate, tax and health care bill sets aside $70 billion over the next three years to keep out-of-pocket premium costs low for roughly 13 million people, just before the reduced prices were set to expire in a year beset by record-high inflation.
As the calendar pushed closer to the Nov. 1 open enrollment date, Sara Cariano was growing nervous about her work helping people across Virginia sign up for subsidized, private health insurance on the HealthCare.gov website.
“I expected very difficult conversation with folks to explain why their premiums were spiking,” said Cariano, a policy specialist at the Virginia Poverty Law Center.
But the passage of the “Inflation Reduction Act” erased those worries.
“Things aren’t going to change for the worst for individuals who are purchasing coverage through the market,” she said.