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Politics

Maloney on American Rescue Plan Health Care Savings, Enhanced Tax Credits

NEW YORK – On August 19, Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the Committee on Oversight and Reform, released a new report highlighting that NY-12 families with marketplace health plans could see, on average, $6,900 in health care savings as a result of the American Rescue Plan passed by Democrats in Congress and signed by President Biden. According to the report, due to the enhanced tax credits in the landmark legislation, 30,000 New Yorkers who already purchase their health insurance through the state marketplace, New York State of Health, could benefit from the expanded health care tax credits passed by Democrats in the American Rescue Plan. Another 15,000 district residents who are currently uninsured can now enroll in a marketplace plan for less than $10 per month in premiums.

By lowering health care costs for millions of Americans who purchase their insurance through the Affordable Care Act (ACA) exchanges, the American Rescue Plan is helping to make high-quality, low-cost health care accessible to even more New Yorkers and Americans. New York’s uninsured rate has been reduced by half since passage of the Affordable Care Act in 2010, and the extended tax credits from the American Rescue Plan will help New York make even more progress.

“With the Delta variant spreading throughout the country, access to affordable, high-quality health coverage is urgently needed. As today’s report shows, the expanded tax credits under the American Rescue Plan are helping to ensure that all Americans can access affordable health coverage. The average household in NY-12 with a marketplace plan could save approximately $6,900 dollars per year in premiums, which is why I am encouraging my constituents, and all New Yorkers, to take advantage of these savings today,” said Congresswoman Maloney.

“Thanks to expanded tax credits in the American Rescue Plan, health care coverage has become more affordable for tens of thousands of New Yorkers enrolled in the New York State of Health exchange – and tens of thousands more across the state currently uninsured will be able to get coverage for less than $10 in monthly premiums.  Ultimately, the best way to ensure universal affordable coverage in New York is to pass the New York Health Act single-payer bill, but these tax credits will help make more underserved or uninsured New Yorkers get health care coverage,” said Assembly Member Richard N. Gottfried, Chair of the Assembly Health Committee.

“Our clients tell us the additional financial assistance greatly reduced their financial stress, and they could sleep better at night.  They wanted to hug us after we helped them sign up for insurance,” said Frida Lee, NADAP, Inc., Director of Health Insurance Education and Enrollment.

“The Affordable Care Act and the American Rescue Plan have been lifelines for vulnerable New Yorkers during this once-in-a-lifetime public health crisis,” said Lisa David, President and CEO of Public Health Solutions. “We work with some of the highest-need New Yorkers, especially in underserved communities that face inadequate access to health care and worse health outcomes. With more affordable health care plans, our clients can access quality care in their community – and that helps us achieve a healthier, more equitable city.”

Chairwoman Maloney is encouraging New Yorkers who are uninsured or who previously earned too much to receive tax credits to sign up for the American Rescue Plan’s enhanced tax credits at nystateofhealth.ny.gov or by calling 855-355-5777. Enrollees already receiving financial assistance may also make changes to their information or select a new plan. New York State has extended the open enrollment period for this year through December 31, 2021.

Today’s new report found:

There are an estimated 30,000 people in NY-12 who currently purchase health insurance on the individual market and could benefit from the American Rescue Plan’s expanded tax credit.

With the expanded tax credits, the average household with a marketplace plan could save an annual $6,900 in health insurance premiums annually.

New Yorkers in the district who were previously ineligible to receive tax credits but now qualify under the American Rescue Plan will also benefit. Their savings could be substantial, especially for older adults, who have historically paid the highest premiums.

There are an estimated 17,000 uninsured individuals in NY-12 eligible for tax credits under the American Rescue Plan, including an estimated 15,000 who can now enroll in an Affordable Care Act plan for less than $10 per month.

The full report is available online: shorturl.at/gzCFH

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