The Inflation Reduction Act Extended Marketplace Health Insurance Premium Subsidies Through 2025

HENRICO, V.A. — U.S. Representative Abigail Spanberger is encouraging Virginians to review healthcare plan options for 2023 or sign up for healthcare coverage during the open enrollment period — which begins tomorrow.

From November 1, 2022 until January 15, 2023, Virginians can visit healthcare.gov to review healthcare plan options, change their current provider, or sign up for a new plan on the healthcare marketplace.

The Inflation Reduction Act — which Spanberger voted to pass in August — prevents premium hikes on middle-class families by extending the American Rescue Plan’s health insurance premium subsidies through 2025. In 2022, American Rescue Plan premium subsidies saved more than 34,000 constituents in Virginia’s Seventh District an average of $72 per month — or $862 per year — on their health insurance. Four out of five consumers will be able to find a plan for $10 or less per month. Without this legislation, these premium subsidies would have expired at the end of 2022.

Additionally, about one million more Americans — and thousands of Virginians — are newly eligible for tax credits during this open enrollment period. Last month, after Spanberger pushed the Biden Administration to strengthen implementation of the Affordable Care Act to either extend coverage or offer more affordable coverage to families, the Administration finalized a rule to fix this “family glitch.”

“Since the Inflation Reduction Act was signed into law, affordable healthcare coverage remains more accessible for Virginians. And with the ‘family glitch’ fixed for good, these savings will now apply to even more families in Virginia and across our country,” said Spanberger. “This year, we have taken concrete steps to prevent premium hikes on Virginia families and small business owners and lower healthcare costs for all Americans. This open enrollment window allows Virginians to compare plans and find the best option for their needs, and I hope that all Virginians will take advantage of this opportunity — and continued savings.”

To take the first step to apply for new healthcare coverage, Virginians can click here.

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