Preserving tax credits for private health coverage gets backing from both parties

At a town hall this week hosted by Democratic U.S. Rep. Sheila Cherfilus-McCormick on “The Future of Medicaid, Medicare, and Social Security,” extending the tax credits for private health insurance was one of the topics of discussion.

“The enhanced premium tax credits provided by the Affordable Care Act are set to expire at the end of 2025,” read the moderator from a question submitted by someone in the audience. “These tax credits help millions of people here in Florida afford health care. Does Congress have a plan to extend these tax credits in order to keep health care affordable for these Floridians?”

Currently, more than 4 million working Floridians and their families receive tax credits that reduce the monthly premiums they pay for private health insurance.

If Congress fails to act this year and allows these tax credits to expire, premiums would skyrocket. A 60-year-old couple earning $82,000 a year would pay $13,000 more for their annual premiums.

“Making sure we preserve those tax credits to actually help families is our No. 1 priority,” Cherfilus-McCormick said.

Many, including families with small children, people with chronic conditions, early retirees and small-business owners, will simply not be able to afford coverage.

Floridians in rural areas are expected to be among the hardest hit if tax credits are not extended. Options in rural areas are fewer and harder to reach, and the cost of insurance is much higher.

While Cherfilus-McCormick hails from a blue district, an overwhelming majority of Republicans want to see the tax credits extended.

Trump pollster Tony Fabrizio found that 78% of Donald Trump supporters nationally want to see the health care premium tax credits for working families extended, according to exclusive reporting in the Washington Examiner.

Republicans have a razor-thin majority in Congress, 217-215, and extending the tax credits is especially important if they want to maintain that majority during the upcoming Midterms.

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