From Senators Mark Warner and Tim Kaine:
STATEMENT OF U.S. SENS. MARK R. WARNER AND TIM KAINE
~ On rising health care premiums in Virginia ~
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the Virginia State Corporation Commission (SCC) reported that premiums for Affordable Care Act Marketplace coverage are projected to rise by an average of 20.5% next year – a spike driven largely by the expiration of enhanced premium tax credits that have helped make health care more affordable for hundreds of thousands of Virginians:
“The news that Virginians who rely on health care coverage from the marketplace could see their premiums jump by more than 20% next year is deeply troubling. This entirely-avoidable increase is being driven by the expiration of enhanced premium tax credits that have helped hundreds of thousands of Virginians afford quality health care. While President Trump and congressional Republicans bent over backward to extend tax cuts for the uber-wealthy as part of their tax and budget bill, they chose not to renew these critical health care credits that have saved the average Virginian nearly $90 a month. Alongside our Democratic colleagues, we even forced a vote on an amendment to the bill to extend the credits, and Republicans voted it down.
“We know what’s at stake when health care becomes unaffordable: families go without coverage, people skip doctor visits and prescriptions, and small health problems turn into costly emergencies. That’s not only bad for public health, it drives up costs for everyone. We remain committed to restoring these critical tax credits and bringing down health care costs, and we call on our colleagues in Congress to put politics aside and act now to prevent this needless premium spike from hurting Virginia families.”
The enhanced premium tax credits were first enacted during the COVID-19 pandemic to lower monthly Affordable Care Act marketplace premiums for American families. President Trump’s tax and budget bill, passed by the Republican majority in Congress over Warner and Kaine’s strong opposition, did not extend these credits. As a result, Virginians who purchase coverage on the Virginia marketplace will see the largest share of next year’s premium hikes directly tied to the loss of these credits. Without action, more than a third of the nearly 415,000 Virginians who currently rely on this coverage could be priced out of their health insurance, according to the SCC Bureau of Insurance.
Last month, Warner and Kaine introduced legislation to repeal the health care provisions in President Trump and Republicans’ ‘Big, Ugly Bill’ and permanently extend the Affordable Care Act’s enhanced tax credits.
