Vermont Senator Peter Welch Calls for Extension of Affordable Care Act Tax Credits Amid Looming Premium Rate Increases

Vermont Senator Peter Welch recently visited the Central Vermont Medical Center in Berlin to discuss the urgent need to extend Affordable Care Act's (ACA) enhanced premium tax credits, which help over 27,000 Vermonters access health coverage through the ACA marketplace. Senate Republicans have refused to negotiate an extension, putting families at risk of facing unaffordable premium rate increases. As Open Enrollment begins on November 1st, 24 million Americans will try to shop for health insurance they can no longer afford.

Key Takeaways:

• Over 27,000 Vermonters rely on ACA tax credits to access health coverage, including working families, small business owners, and seniors.
• Senate Republicans' refusal to extend the tax credits will lead to significant premium rate increases, with some families facing rate increases of 920% or more.
• A Vermont family of four making $130,000 a year can expect to pay $3,035 a month for a baseline health care plan, up from $1,195 a month, a $22,080 annual increase.
• Senator Welch has introduced several bills to make healthcare more accessible and affordable for Vermonters, including the PATIENTS, ETHIC, and SMART Prices Acts.
• The Central Vermont Medical Center in Berlin will lose out on vital revenue if the tax credits are not extended, as hospitals will see reduced payments for patient care.
• A family in Vermont making $64,000 a year will pay 920% more for their premiums without ACA subsidies.
• 24 million Americans will try to shop for health insurance they can no longer afford during the upcoming Open Enrollment period.

Statistics:

• 27,000: The number of Vermonters who rely on ACA tax credits to access health coverage.
• 920%: The expected increase in premiums for a Vermont family making $64,000 a year without ACA subsidies.
• $1,195/month: The current monthly premium for a baseline health care plan for a Vermont family of four making $130,000 a year.
• $3,035/month: The expected monthly premium for a baseline health care plan for a Vermont family of four making $130,000 a year without ACA subsidies.
• $22,080: The annual increase in premiums for a Vermont family of four making $130,000 a year without ACA subsidies.
• $130,000: The annual income for the Vermont family of four mentioned in the story.
• $64,000: The annual income for the Vermont family of four mentioned in the story that will pay 920% more for premiums without ACA subsidies.

Sources:

• "US Senator Peter Welch Visits Central Vermont Medical Center." Vermont Senator Peter Welch, 31 Oct. 2020,
• "The Affordable Care Act." Affordable Care Act, healthcare.gov.