Biden Proposes Richer Health Premium Tax Credits

[Northeast Agent]

Biden Proposes Richer Health Premium Tax Credits | ThinkAdvisor

Biden is calling for Congress to:

• Provide funding to pay to the COBRA coverage continuation premiums for workers who are losing access to employer-sponsored coverage. COBRA costs are high for workers because workers typically pay the full premiums for COBRA coverage rather than splitting the cost of the premiums with employers. The COBRA premium subsidy would last until Sept. 30.
• Expand eligibility for and increase the value of the Affordable Care Act health insurance premium tax credit subsidy, to keep anyone from having to pay more than 8.5% of income for coverage.

The Biden-Harris transition team estimates the proposals would reduce premiums for more than 10 million and keep millions of people from being uninsured.