Brookings September 13, 2022
The Inflation Reduction Act included a three-year extension of enhancements to the premium tax credit that were originally enacted in 2021. These enhancements reduced the cost of Marketplace coverage by making the tax credit more generous for people who were already eligible and by extending it to people with incomes that were previously too high to qualify. Consistent with model-based projections that lower premiums would increase coverage, Marketplace enrollment is now around 3 million people (29%) above its 2019 level, which has helped push the national uninsured rate to an all-time low.
These tax credit enhancements create big opportunities to improve the Marketplace enrollment process in ways that would further increase insurance coverage. In particular,...
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