Washington, DC – U.S. Senator Sheldon Whitehouse today encouraged Rhode Islanders to utilize the current Marketplace Open Enrollment Period on HealthCare.gov and HealthSourceRI.com to sign up for high-quality, affordable health insurance. The open enrollment period runs through January 15. Democrats’ historic Inflation Reduction Act is lowering health insurance premiums and extending tax credits to improve coverage affordability for middle-income Rhode Islanders.
“Democrats have made real progress in our fight to lower health care costs and expand access to high-quality, affordable care, and that is reflected in this open enrollment period,” said Whitehouse. “I was glad to help secure cost savings through the Inflation Reduction Act, which lowered prescription drug prices for seniors, kept premiums down, and put high-quality health care within reach for more Rhode Islanders.”
During open enrollment, insured and uninsured Rhode Islanders can compare health insurance coverage options, choose health plans for 2024, and see how the Inflation Reduction Act is already helping them save money on health care costs.
The Inflation Reduction Act extended tax credits put into place through the American Rescue Plan. The credits provide financial help to purchase health insurance plans and lower premiums for Rhode Islanders who utilize the state’s insurance marketplace, HealthSource RI.
Refundable Premium Tax Credits are available on a sliding scale for individuals and families who enroll in qualified plans in the state exchange. Families with a household income below 400 percent of the Federal Poverty Level (FPL) will spend less towards the cost of their marketplace health plan premium before the tax credit. Rhode Islanders making above 400 percent of the FPL may now also qualify for the premium tax credits that lower their monthly premium.
Before Democrats passed the American Rescue Plan, financial assistance was only available to customers with an annual income under 400 percent of the FPL. Expanded premium tax credits are now open to all marketplace consumers with sticker price premiums that exceed 8.5 percent of income or the maximum contribution. In January 2023, HealthSource RI plan holders qualified for a total of nearly $9.6 million in savings thanks to the tax credits, which the Inflation Reduction Act extended through 2025.
The Inflation Reduction Act also took steps to lower costs for Rhode Island seniors on Medicare. The law capped seniors’ monthly out-of-pocket insulin costs at $35, made many vaccines available at no cost, protects Medicare beneficiaries from drug company price hikes that outpace inflation, and allowed Medicare to negotiate drug prices.
Rhode Islanders looking to compare plans and participate in open enrollment for 2024 should visit HealthCare.gov or HealthSourceRI.com now through January 15. Whitehouse’s constituent services staff is available to help answer questions at (401) 453-5294 or at whitehouse.senate.gov.
Meaghan McCabe, (202) 224-2921
