WITH NEW YORKERS SET TO PAY THOUSANDS MORE FOR HEALTH INSURANCE, GILLIBRAND DETAILS IMPACT OF RISING PREMIUMS ON NEW YORK FAMILIES

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

Today, U.S. Senator Kirsten Gillibrand (D-NY) held a virtual press conference to fight for New York families who will suffer from the impact of rising health insurance premiums if Affordable Care Act subsidies are not extended before the end of the year. She called on Republicans to work with Democrats to extend the health insurance subsidies that help many middle-class American families afford care.

"New York families are already struggling with rising costs in Trump's America. The last thing they need is skyrocketing health insurance premiums putting further strain on their bank accounts," said Senator Gillibrand. "The families who benefit the most from ACA subsidies are those who are the very backbone of our economy the families who own mom-and-pop corner stores, the New Yorkers who run farms that have been in their families for generations, and the single parents who work long hours to put food on the table for their kids. We owe it to them 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 subsidies and end the government shutdown."

Without an extension, Affordable Care Act (ACA) enhanced tax credits will expire at the end of 2025, causing 20 million Americansincluding at least 1.6 million New Yorkersto see a drastic increase in health insurance costs. In New York, a family of four with a household income of $125,000 per year will see an average increase of over $14,000 in their annual health insurance cost if these tax credits are allowed to expire. Gillibrand emphasized the impossible choices that this will force upon working families and the dire need to reach a bipartisan deal to extend ACA tax credits and end the government shutdown.

Enrollees in New York State are already receiving notices of premium hikes ahead of the start of open enrollment on November 1st, underscoring the importance of extending the subsidies immediately. A county-by-county breakdown of expected ACA premium increases for families of four making $130,000 per year across New York can be found at gillibrand.senate.gov/trumphealthcareincrease.