Health Care Affordability Act of 2024

This bill adjusts the premium tax credit program under the Affordable Care Act to make health insurance more affordable for lower-income households. It establishes a new sliding scale for the percentage of income people pay toward premiums based on household income relative to the federal poverty line (ranging from 150% to 400% of the poverty line). For example, households earning 150-200% of the poverty line would pay 0-2% of income, while those earning 300-400% would pay 6-8.5%. The changes apply to tax years beginning after December 31, 2025, and directly affect individuals purchasing health insurance through marketplace plans who qualify for these tax credits.