The Capping Costs for Consumers Act of 2024 expands financial assistance for people buying health insurance through the Affordable Care Act marketplace by shifting from silver-level plans to gold-level plans as the benchmark for calculating subsidies, starting in 2026. Under the bill, eligible individuals would see increased cost-sharing reductions, meaning insurers would cover a larger share of medical costs for those earning between 150 and 400 percent of the federal poverty line, with particularly generous increases for lower-income households. The legislation also updates state basic health programs to align with the new gold-level standard. The bill appropriates whatever funds are necessary from the Treasury to cover the costs of these expanded subsidies and premium assistance credits, with the changes taking effect for plan years beginning January 1, 2026.
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