The wide-ranging domestic spending bill signed into law this week by President Joe Biden will help keep millions of New Yorkers on their health insurance plans, state Health Comissioner Mary Bassett said on Wednesday.
Funding under the American Rescue Plan that helped to further subsidize helath insurance plans offered by New York's health insurance marketplace were set to expire at the end of the year, alarming elected officials that it could lead to higher costs for residents and have the effect of some people dropping their insurance as a result.
The measure signed by Biden will continue the federal assistance for those plans.
"The increased access and affordability of health insurance made possible by ARPA’s enhanced financial assistance has allowed NY State of Health to reach momentous enrollment milestones, serving as a critical safety net for individuals and families who lost their jobs and/or income, and providing health insurance to nearly 6.6 million individuals, or one in three New Yorkers, by the end of May 2022," Bassett said. "Extension of the ARPA subsidies as part of the recently passed Inflation Reduction Act, allows the Marketplace to continue assuring access to low cost, comprehensive coverage, and supports our commitment to give all New Yorkers the opportunity to shop for the best health plan for themselves and their families."
A report released earlier in July by the state Department of Health's insurance marketplace found if the funds were to expire, additional costs could reach $1,450 a year for New Yorkers. Many of the policyholders are low-income New Yorkers and people of color.
New York over the last several years has achieved something close to universal health insurance coverage in the state. There are about 1 million New York residents who, for a variety of reasons, remain uninsured.