Axne: American Rescue Plan Saved Iowans $2,100,000 on Health Care Costs, Expanded Coverage
On average, Iowans using Affordable Care Act plans saw premiums cut in half by affordability provisions approved by Axne
Today, Rep. Cindy Axne (IA-03) highlighted data showing Iowans saved $2,100,000 on their health care premiums through affordability provisions included in the American Rescue Plan.
The data, released by U.S. Department of Health and Human Services (HHS) last week, shows that Iowans with new or existing plans through the Healthcare.gov marketplace saw their premiums slashed by over 50%, for an average annual savings of $876.
This savings is the result of expanded Affordable Care Act (ACA) health insurance subsidies, updated by Axne and her colleagues to also make all Iowans buying their own health coverage on the ACA Marketplace eligible for premium subsidies, regardless of income.
“When I promise to fight for lower health care costs, those aren’t just words – and this data is proof of that. By helping get the American Rescue Plan signed into law this spring, thousands of Iowans took advantage of more affordable ACA plans – and many saw their premiums cut in half,” said Rep. Axne. “Having affordable, quality health care coverage has never been more important – and these figures show the real impact they can have for Iowa families. As we continue our work on the Build Back Better Act, I support extending these provisions to keep Iowans covered and healthy.”
Alongside the American Rescue Plan, the Biden Administration also announced an expanded special enrollment period for Iowans to purchase new plans through Healthcare.gov and take advantage of these affordability provisions.
Between April and September of this year, more than 15,000 Iowans signed up for new plans – roughly three times the new enrollment figures from 2019.
The House’s draft version of the Build Back Better Act, the comprehensive budget bill first outlined by President Biden earlier this year, includes an extension of American Rescue Plan’s expanded premium tax credits.