Bill > S8

This bill, the Improving Health Insurance Affordability Act of 2023, aims to expand eligibility for the refundable tax credit for health insurance coverage under the Affordable Care Act (ACA) and improve the cost-sharing subsidies provided through the ACA. Specifically, the bill would: 1. Remove the current 400% of the federal poverty level limit on eligibility for the premium tax credit, allowing individuals with higher incomes to qualify. 2. Adjust the applicable percentages used to calculate the premium tax credit, lowering the maximum percentage of income that individuals have to pay for health insurance premiums. 3. Increase the income eligibility thresholds and the corresponding levels of cost-sharing reductions for individuals receiving subsidies to help cover out-of-pocket expenses. 4. Replace the current "silver" plan benchmark for calculating premium tax credits and cost-sharing reductions with a "gold" plan benchmark, which typically has higher actuarial value and lower out-of-pocket costs for consumers. 5. Appropriate necessary funds from the U.S. Treasury to cover the increased cost-sharing reduction payments. The goal of these changes is to make health insurance more affordable and accessible for a wider range of Americans.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/8/all-info