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Expiration of American Rescue Plan Premium Tax Credits

If Congress does not work to extend the enhanced subsidies behind the Affordable Care Act (ACA), over 3 million Americans will be uninsured in 2023. Any following coverage interruptions could result in harm befalling individuals suffering from chronic health conditions, Medicaid enrollees, and more. Moreover, once Congress allows said credits to expire, lower-income people will ultimately lose Medicaid eligibility and coverage.
According to research conducted by Matthew Buettgens, Andrew Green, and Jessica Banthin, the 2021 Rescue Plan increased extended eligibility and premium tax credits for Marketplace coverage. Although these efforts extended coverage to individuals and families living at 400% above the federal poverty level, they overwhelmingly benefited those living well below the Federal Poverty Level (FPL). As such, enrollment reached and sustained an overall record high throughout 2022 open enrollment before the January deadline. 
So what is the answer to avoiding unnecessary consequences, such as loss in coverage for millions of Americans? Most importantly, Congress should act quickly to extend the enhanced Premium Tax Credits. The open enrollment period for 2023 will begin in November of 2022. Once the first half of 2022 is complete, insurers may decide to increase final premium bids accordingly. Furthermore, if Congress waits to extend PTCs until October, they will be given a short time to update enrollment systems. Consequently, the program may experience lower enrollment, further impairing the effectiveness of the rescue plan.
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