Senate to Vote on Rival Health Plans Amid Expiring COVID-Era Subsidies
The U.S. Senate is preparing to vote on two competing health care bills that aim to address the expiration of COVID-era subsidies under the Affordable Care Act (ACA). These subsidies, which are set to expire on January 1, have been crucial in reducing insurance costs for over 24 million Americans, including farmers, small business owners, and self-employed individuals. The Democratic proposal, led by Senate Democratic Leader Chuck Schumer, seeks to extend these enhanced subsidies for an additional three years, potentially saving millions of Americans from increased premium costs. In contrast, the Republican proposal, backed by Senators Bill Cassidy and Mike Crapo, suggests replacing the subsidies with health savings accounts funded for two years. This plan would require enrollees to choose lower-cost, higher-deductible plans and would provide direct financial support for health-related expenses, excluding premiums.