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Frequently Asked Questions about the Inflation Reduction Act and the ACA Health Insurance Marketplace
The Inflation Reduction Act offers increased savings and lower costs for many people who buy health insurance directly through the ACA Health Insurance Marketplace.
Consumers enrolling in ACA Marketplace coverage through Getcoveredillinois.gov and HealthCare.gov are eligible to receive an increase in tax credits to reduce their insurance premiums. These enhanced tax credits will continue through the end of 2025.
- What is the law called the Inflation Reduction Act, and how does it relate to the ACA Health Insurance Marketplace
- When will I be able to get the financial assistance under the Inflation Reduction Act?
- How is the Premium Tax Credit (PTC) calculated?
What is the law called the Inflation Reduction Act, and how does it relate to the ACA Health Insurance Marketplace
The Inflation Reduction Act extends the additional financial help to purchase HealthCare.gov and state-based ACA Marketplace plans, first made available under the American Rescue Plan. It lowers premiums for many people who have an ACA Marketplace plan and expands access to financial assistance for more people. Under the Inflation Reduction Act, you may be eligible for a temporary increase in premium tax credits (PTCs) through the end of 2025, with no one paying more than 8.5% of their household income towards the cost of a benchmark plan.
When will I be able to get the financial assistance under the Inflation Reduction Act?
When you enroll in the ACA Marketplace through Getcoveredillinois.gov and Healthcare.gov, you can take advantage of the increased savings and lower costs from premium tax credits. If you already have an ACA Marketplace plan, you’re also eligible to receive the increased tax credits to reduce your premiums. The premium tax credits will continue through the end of 2025.
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