U.S. Rep. Mike Turner (R-OH) on April 26 unveiled a bipartisan bill that would reauthorize the now-expired Health Coverage Tax Credit (HCTC) for certain retirees.
“During this time of record inflation, it is critical that we ensure retirees are able to access affordable health care,” Rep. Turner said. “Providing a long-term reauthorization of the Health Coverage Tax Credit would give over tens of thousands of salaried retirees peace of mind.”
Rep. Turner sponsored the HCTC Reauthorization Act of 2023, H.R. 2914, alongside three original cosponsors, including U.S. Rep. Jared Golden (D-ME), to reauthorize the tax credit through 2027.
“The Health Coverage Tax Credit helps retirees afford their health care, especially as they age,” said Rep. Turner. “This tax credit is important for the Delphi Salaried Retirees, whose pensions and other benefits were slashed through no fault of their own.”
Specifically, the HCTC provides refundable tax credits to cover more than 70 percent of the cost of health insurance premiums for retirees whose pensions have been taken over by the Pension Benefit Guaranty Corporation, a federally chartered corporation created by law to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at their lowest levels.
Rep. Golden explained that for many years, these retirees have relied on the HCTC to keep their health insurance affordable. “Having to push for the reauthorization of this credit each year does nothing but create uncertainty for these retirees and others across the country and needlessly increase their cost of healthcare,” he said.
After securing one-year authorizations in 2020 and 2021, the HCTC expired at the start of 2022, according to information provided by Rep. Turner’s staff.