Biden bill to help millions escape higher health care costs

By AMANDA SEITZ
Associated Press

WASHINGTON (AP) — Millions of people in the United States will be spared from big increases in health care costs next year after President Joe Biden signed legislation extending generous subsidies for those who buy plans through federal and state marketplaces. The climate, tax and health care bill sets aside $70 billion over the next three years to keep out-of-pocket premium costs low for roughly 13 million people. That money comes just before the reduced prices were set to expire in a year beset by record-high inflation. The bill will extend subsidies temporarily offered last year in a coronavirus relief bill that significantly lowered premiums and out-of-pocket costs for customers buying plans through the Affordable Care Act’s marketplace.