Taylor Harvey (Wyden)
Wyden, Neal Applaud Biden Administration for "Family Glitch" Fix, Lowering Health Care Costs for American Families
WASHINGTON, DC—Today, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Senate Finance Committee Chairman Ron Wyden (D-OR) applauded the final regulation issued by the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) that will bring down health insurance costs for Americans with unaffordable employer-sponsored coverage by fixing the so-called “family glitch”:
“The Affordable Care Act ushered in a new era for our health care system, and the premium tax credits have made way for the lowest uninsured rate on record. As we highlighted in our May 2022 letter to Treasury and IRS, we have long believed that eliminating the ‘family glitch’ is the rightful interpretation of the text, structure, and goal of the ACA. With a particular spotlight on low-income, small business, and service workers, an additional 1 million Americans will now be able to access insurance or have lower costs. An independent estimate suggests a family of four, making $53,000 per year, would have roughly $4,150 back in their pockets.
“Under the leadership of the Biden Administration, Congressional Democrats’ American Rescue Plan and Inflation Reduction Act made the largest investments in our health care system since the creation of the ACA. Today, this final rule goes one step further in fulfilling the ACA’s mission of ensuring all Americans have access to affordable, comprehensive health coverage.”
The lawmakers urged the finalization of this rule in May 2022. Read more here.
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