The bill extends enhanced subsidies for three more years and helps bring down costs for Connecticut residents who need financial help to pay for the cost of their health insurance premiums
HARTFORD, Conn. ( August 12, 2022) — Access Health CT (AHCT), Connecticut’s official health insurance marketplace, today announced Connecticut residents who purchase health insurance on the exchange will continue to receive enhanced subsidies thanks to the Inflation Reduction Act (IRA). The enhanced subsidies, which were set to expire at the end of the year, are advanced premium tax credits that help Connecticut residents pay for the cost of their monthly health insurance payments. This financial help is now extended for three more years.
UPDATE 8/16/22: President Biden officially signed the Inflation Reduction Act into law this afternoon!
Annnd there you have it: In a strict party-line 220-207 vote, the Inflation Reduction Act (a stripped-down version of the Build Back Better Act, which was originally branded as the American Families Plan) finally passed the U.S. House of Representatives after passing the U.S. Senate 51-50 (with Vice-President Harris as the tie-breaking vote) on Sunday. I presume President Biden will be holding a big, formal signing ceremony sometime next week.
A big chunk of the bill is related to climate change, of course, and another large chunk of it is purely related to deficit reduction. As for the healthcare provisions, here's a summary of what's included:
