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 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.

The tax credit calculation uses a percentage of a household’s income that needs to be contributed on a monthly health insurance premium. This amount is limited based on how your household income compares to federal poverty levels (FPL). Under the Inflation Reduction Act, individuals and families may be eligible for a temporary increase in premium tax credits (PTCs), with no one paying more than 8.5% of their household income towards the cost of a benchmark plan.

For more information about the Inflation Reduction Act and the ACA Health Insurance Marketplace, visit https://www.healthcare.gov/more-savings/.