If the Biden’s Build Back Better Fails
Jae’s Corner isn’t here to adjudicate whether or not Build Back Better should be enacted, it’s here to accurately describe some of the effects.
While the child tax credit gets the headlines, lower health insurance premiums via the Advance Premium Tax Credit may only be extended through the end of 2022.
For those who are nearing Medicare eligibility, this represents a problem. The reason is that sharply lower health insurance premiums could’ve entirely changed retirement timing. Those that wanted to retire before reaching 65 years old could’ve considered a much lower cost for health insurance (with work and planning), and then yes, it would’ve been conceivable.
For those people that do NOT live in Medicaid expansion states, and if the Build Back Better bill fails, then there will be no APTCs at all, to anyone. In those instances, some states do have other assistance programs.