New York Governor Kathy Hochul has criticized Congressional Republicans for not extending enhanced premium tax credits under the Affordable Care Act (ACA), a move she says will lead to significant increases in health insurance costs for approximately 140,000 New Yorkers. As open enrollment approaches on November 1, those who depend on ACA subsidies are being informed that their premiums will rise by an average of 38 percent next year. This equates to about $1,400 more per year for individuals and $3,000 more for couples.
“Republicans in Washington have made it clear – they don’t care about New Yorkers’ health care,” Governor Hochul said. “It’s shameful. By refusing to extend the Affordable Care Act tax credits, they are turning their backs on their constituents and ripping away access to affordable, quality health care. Republicans in Congress need to do the right thing and extend these credits that make health insurance for New Yorkers more affordable.”
The expiration of these enhanced tax credits follows reductions in federal funding enacted under H.R.1 and is further affected by a recent government shutdown. According to the Governor’s office, no individual state has sufficient resources to compensate for these federal funding losses.
Governor Hochul is urging Congressional Republicans to reinstate the Enhanced Premium Tax Credits that help lower insurance costs for residents across New York State.
A regional analysis shows that couples throughout different parts of New York will experience monthly premium increases ranging from $206 in the Mid-Hudson region (31%) up to $270 in Mohawk Valley (49%). The statewide average increase is $228 per month or 38%.
New York State Health Commissioner Dr. James McDonald commented on the situation: “I thank Governor Hochul for standing up for New Yorkers who rely on the Affordable Care Act’s enhanced premium tax credits to keep their health care costs affordable. These are hardworking everyday people who deserve affordable health insurance. The start of the open enrollment period is fast approaching and without immediate action at the federal level, the threat of increased premiums is quickly becoming a reality. Allowing these enhanced premium tax credits to expire will be devastating for hardworking New Yorkers who will be forced to choose between paying for food, rent or paying for the health care they need to survive.”
