Healthcare was more affordable thanks to enhanced premium tax credits
Unless Congress acts immediately, health insurance costs will rise sharply next year for millions of Americans, including more than 4 million working Floridians and their families.
For those purchasing compensation through individual markets, healthcare has been more affordable due to the enhanced premium tax credits. However, these credits are set to expire at the end of the year. In that case, premiums will skyrocket and force many small businesses to cut their profits.
As chairman of Florida’s Hispanic Chamber of Commerce, I have dedicated my career to expanding the economic opportunities of more than 600,000 Hispanic companies in Florida. Many times, business owners have shown us how important access to affordable healthcare is to them and their employees.
Many of these companies, and the workers who continue to do so, rely on enhanced premium tax credits to pay their compensation. Nationwide, 4.2 million small business owners and self-employed workers receive health insurance through individual markets. In fact, no state relies on a market more than Florida. There, over 600,000 entrepreneurs and independent contractors rely on to make compensation affordable. Almost everyone who enrolls in a market plan will pay lower premiums due to the enhanced premium tax credits.
These tax credits free you from worrying about how expensive employees manage plans to help them. Instead, they can focus on growing their business, serving their customers, investing in expansion, and creating jobs.
Unfortunately, the Congressional Budget Office warns that allowing tax credits to expire will drive at least 1 million Americans (at least one million Hispanic consumers) into the uninsured rank as the rising premiums are uncontrollable.
The inaction will destroy Hispanic small business owners, their employees, and millions of other Floridians who rely on these tax credits. Florida’s Congressional delegations must work together to extend these tax credits and maintain health insurance for working families.
Expanding the enhanced premium tax credit is not only right, but what voters demand. A recent national survey found that 86% of those who participated in the 2024 election support expanding these tax credits.
Members of Florida’s Congressional Delegation have all the reasons to help continue this policy. I urge them to lead this issue and protect access to affordable health insurance for Florida small business owners, many of their Hispanic residents, and all Americans.
Julio Fuentes is president and CEO of the Florida Hispanic Chamber of Commerce.
