If the US Congress doesn't vote to extend the enhanced premium tax credits for the Affordable Care Act before the end of 2025, health insurance costs for many working Americans will increase by 25%-100%
making the cost to continue coverage prohibitive. Four million people could most likely become uninsured. Enrollees pay based on their projected income for the next year. The credits are paid directly to health insurers who in turn lower the monthly amounts they charge. Then the credit amount needs to be reconciled with actual income at the year's end when enrollees file their federal taxes. The enhanced tax credits expand the number of affordable coverage options for workers who are in employer plans they can't afford, and they provide small businesses with cost-effective options for their employees.
