The 38 million member organization is calling on Congress to extend the tax credit.
AARP, the nation’s largest nonprofit, nonpartisan organization dedicated to empowering Americans over 50; Report has been published It details the importance of strengthening premium tax credits for middle-aged adults nationwide.
“The premium tax credit allowed many people to access coverage, including middle-income workers, without acquiring employment-based coverage, small business owners, self-employed adults, and retirees who are not eligible for Medicare,” the authors say. Jane Sung and Olivia Dean of the AARP Institute of Public Policy.
The tax credit is set to expire at the end of the year, poses a significant risk to 4.5 million Floridians. If Congress does not extend the tax credit, these individuals and families will be forced to pay thousands more for healthcare coverage.
The four-person family, who earn around $130,000 a year, will pay an additional $4,400 in annual premiums. The 60-year-old couple earning $82,000 a year pays a whopping $13,500 or more at their annual premium.
“Many middle-aged adults who can’t afford a premium increase will lose coverage and become uninsured,” the report said.
The AARP estimates that the 1.1 million Floridians who lose compensation without tax credits are over 50 years old.
In conclusion, the report calls on Congress to act.
“The continued enhanced premium tax credits will help middle-aged adults continue to gain access to affordable private health insurance. These enhanced premium tax credits can be preserved through the law to expand or make them permanent.”
