Maine Congressman Jared Golden is co-sponsor of a new bill that aims to make marketplace health insurance more affordable in the face of skyrocketing premiums. The proposal would extend enhanced premium tax credits which are due to expire at the end of the year.
The Bipartisan Premium Tax Credit Extension Act is spearheaded by Republicans but has a few Democratic co-sponsors, including Golden.
It would extend enhanced tax credits that help lower premiums in the Affordable Care Act marketplace through next year, which is also a midterm election year.
Consumer advocates have been urging Congress to take action to make health insurance more affordable with rates in the individual market increasing an average of 20% across the U.S. next year, and nearly 24% in Maine.
The Maine Bureau of Insurance says the increases are driven by rising health care costs and uncertainty around federal policy, including the expiring tax credits.
Maine's Congressional delegation supports extending the tax credits. In a statement, Republican Susan Collins noted that "the nonpartisan Congressional Budget Office has estimated that allowing their expiration would cause nearly 4 million Americans to go without insurance coverage, which is the last thing I want to see happen," Collins said. "There are other estimates, including by the respected National Association of Insurance Commissioners, that huge premium increases would occur."
Democratic Congresswoman Chellie Pingree and Independent Senator Angus King are calling for a permanent extension. That's the goal of the Health Care Affordability Act introduced earlier this year and co-sponsored by King.
