On ACA’s 12th Anniversary, Democrats Continue Lowering Healthcare Costs
Twelve years ago today, the Affordable Care Act (ACA) was signed into law, which provided millions of Americans with health insurance, lowered costs for millions more, and protected people with pre-existing conditions. Since then, President Biden and Democrats have delivered on a major campaign promise to build on the success of the ACA.
Thanks to President Biden’s American Rescue Plan, the 121,000 Minnesotans who get health insurance through the Marketplace saved an average of $800 per year on their insurance – no thanks to a single Minnesota Republican, as they voted unanimously against the American Rescue Plan.
“Twelve years ago, Democrats signed the Affordable Care Act into law, expanding health care coverage and lowering costs for millions of Americans,” said DFL Party Chairman Ken Martin. “Last year, Democrats built on that success by passing the American Rescue Plan and cutting costs even further for Minnesotans.”
“While Republicans continue trying to cut health care coverage for millions, Democrats are working to lower the cost of prescription drugs by capping the price of insulin at $35 a vial and allowing Medicare to negotiate drug prices,” added Martin. “The contrast between our two parties could not be more clear.”
According to the White House, the ARP reduced the cost of health care coverage by:
- Ensuring that consumers eligible for financial assistance through premium tax credits had at least a couple plans to choose from that won’t cost more than 8.5% of their household income on their Marketplace plan premium per year.
- Expanding the number of people eligible to save money on health care coverage by temporarily expanding eligibility for premium tax credits for those previously excluded from financial assistance.
- Increasing affordability for low- and middle-income Americans by increasing the size of tax credits.
- Addressing racial health inequities by expanding coverage and reducing costs. Increased affordability and health insurance coverage expansion allowed historically uninsured communities – especially those who have faced significant health disparities – to access coverage, thereby improving opportunities for health care during and beyond the COVID-19 pandemic.