Inflation Reduction Act Extends Health Insurance Subsidies
Set to be signed this week by President Joe Biden, the Inflation Reduction Act will extend Health Insurance subsidies (originally enacted through the American Rescue Plan) for at least another three years. These subsidies are of particular benefit for those over age 50, but still too young to sign up for Medicare (Age 65). Those under 50 are still set to receive subsidy help as well.
Why This Is Important for You and Your Family
According to the AARP, those between the ages of 50 and 64 pay up to THREE times more for their health insurance. Avalere, a health insurance consulting firm, calculated that someone in their 50s or early 60s earning 400% to 500% of the federal poverty level could save $4,700 in premiums because of the subsidies. Even for someone in that age bracket earning 100% to 150% of the federal poverty level the savings would average about $500 per person. Once these subsidies have been in place for a full 5 years it will be tempting for Congress to extend them further, with the likely eventual outcome that they will become permanent.
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