Many consumers will benefit from lower health care coverage premiums through 2025 on Healthcare.gov and state-based Marketplaces because the new law extends the enhanced financial help that was put in place by the American Rescue Plan.
The Inflation Reduction Act extends enhanced financial help to purchase Healthcare.gov and state-based Marketplace plans, which was first made available under the American Rescue Plan.
Extending this help means that many consumers who have a health insurance plan through Healthcare.gov and state-based Marketplaces will continue to save money on their premiums.
Consumers in these plans saved an average of $800 on their premiums in 2021 as a result of the American Rescue Plan.
Without the Inflation Reduction Act, this help would have ended at the end of 2022. Instead, it will continue to be available through December 31, 2025.
Consumers will be able to see the savings reflected in their premiums when they shop for coverage during the upcoming Open Enrollment Period, which starts November 1, 2022.