The Health Care Affordability Act of 2024 expands the federal tax credit that helps people afford health insurance purchased through the marketplace. Currently, this credit is only available to people with household incomes up to 400 percent of the federal poverty line, but this bill removes that income cap, allowing higher-earning individuals to qualify for assistance. The bill also adjusts how much people at different income levels have to contribute toward their insurance premiums, generally requiring wealthier individuals to pay slightly more while maintaining lower contributions for those with lower incomes. The changes take effect for tax years beginning after December 31, 2025, which means they would first apply when people file their 2026 taxes. This legislation primarily affects uninsured or self-insured individuals who buy coverage on the health insurance marketplace, making coverage more accessible and affordable across a broader income range.
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