Senators Budd and Cruz Introduce Legislation to Increase Affordable Healthcare Coverage Options for Americans

Washington, D.C. — U.S. Senators Ted Budd (R-N.C.) and Ted Cruz (R-Texas) introduced the Competition and Openness in Markets to Promote Efficiency, Transparency, and Enhanced Affordability (COMPETE) Act today. The bill would amend the Public Health Service Act to extend the maximum duration of short-term, limited-duration insurance (STLDI), and includes a renewal guarantee provision that allows consumers to purchase STLDI plans for an extended period of time.

"Americans overwhelmingly agree that we need access to high-quality healthcare at a reasonable price. Healthcare costs have climbed to unsustainable rates because of bad policies, like Obamacare, that have propped up insurance companies at the cost of eliminating consumer choice. I am proud to be working with Senator Cruz to provide a common-sense solution for short-term health plans by enhancing access to lower premiums and transparently making healthcare more affordable and flexible for individuals and their families," said Senator Budd.

"Obamacare reduced health insurance options and caused premiums to skyrocket. This legislation will promote more competition, provide consumers with more choices, and allow Americans to choose the healthcare coverage that fits their needs and budgets. I urge my colleagues to pass this legislation expeditiously," said Senator Cruz.

The COMPETE Act is endorsed by Americans for Prosperity, Foundation for Government Accountability, and Heritage Action.

"The Biden administration stripped away affordable short-term plans that gave families real health coverage at a fraction of the cost. Senator Cruz's bill restores the freedom President Trump gave Americans to choose plans that actually work for them, not force them into ObamaCare's one-size-fits-all mess. Instead of continuing to prop up a failing government system with heavy subsidies, this bill unleashes free markets and real competition to give families better, cheaper coverage options," said Tarren Bragdon, President and CEO, Foundation for Government Accountability.