The end of the enhanced premium tax credits on Dec. 31 threatens to send hundreds of thousands of South Carolinians’ health insurance premiums skyrocketing in the new year.
Premium tax credits were first made available in 2014 as part of the patient protection and Affordable Care Act, commonly known as Obamacare. The credits lowered health care insurance premium costs for many low- and moderate-income people enrolled in the Health Insurance Marketplace. According to figures from the South Carolina Institute of Medicine and Public Health, more than 500,000 state residents rely on federal subsidies to lower their premium costs.