Protecting Health Care and Lowering Costs Act

S. 2556 would make permanent several temporary provisions designed to expand access to premium tax credits for health insurance purchased through exchanges. Currently, these expanded provisions are set to expire after 2025. The bill would permanently eliminate the 400% federal poverty level income cap for eligibility, lower the applicable percentages used to calculate credit amounts, and remove inflation adjustments to those percentages. These changes would allow more people to qualify for premium tax credits and would increase the amount of assistance available to eligible taxpayers.

The bill would also repeal multiple health-related provisions enacted by prior legislation, including certain Medicare eligibility and verification requirements, a reduced window for retroactive Medicaid coverage, and premium tax credit verification requirements. If enacted, these changes could affect how people access and pay for health insurance through the exchanges, potentially lowering out-of-pocket costs for eligible individuals. The bill is currently under consideration in the Senate Committee on Finance and has not yet been voted on by the full Senate.