GILLIBRAND SOUNDS THE ALARM ABOUT RISING HEALTH INSURANCE PREMIUMS FOR OLDER ADULTS

The following information was released by New York Senator Kirsten E. Gillibrand:

Hundreds of Thousands of Older New Yorkers Depend On ACA Subsidies For Health Insurance Coverage

U.S. Senator Kirsten Gillibrand (D-NY) is sounding the alarm about the impact of rising health insurance premium costs on older adults.

At a Senate Aging Committee hearing yesterday and a virtual press conference this afternoon, Gillibrand detailed the devastating impact that the expiration of Affordable Care Act (ACA) enhanced premium tax credits will have on adults aged 50 to 64, who typically have more substantial health care needs than younger enrollees but do not yet qualify for Medicare.

"Older adults will be hit hard by the expiration of ACA premium tax credits. Many of these individuals have worked hard for decades to save retirementthey do not deserve to have their health insurance premiums skyrocket right before they reach retirement age," said Senator Gillibrand. "We owe it to older adults to extend the lifesaving tax credits that help keep them afloat. That's why I'm demanding that my Republican colleagues come to the negotiating table to work with Democrats to reach a deal to extend these tax credits and end the government shutdown."

Without an extension, ACA enhanced premium tax credits will expire at the end of 2025, causing 20 million Americansincluding nearly 5 million individuals aged 50 to 64to see a drastic increase in health insurance costs. The expiration of these enhanced tax credits will have a particularly devastating impact on older adults, who typically have more substantial health care needs than younger populations and can pay up to three times more than younger enrollees for the same plans due to age rating. If their premium costs skyrocket, many older adults will have to sacrifice other essentials to afford health care, and some will be forced to drop their coverage entirely. Gillibrand emphasized the impossible choices that this will force upon older adults and the dire need to reach a bipartisan deal to extend ACA tax credits and end the government shutdown.