If you buy health insurance via the federal marketplace, your premiums could increase significantly after 2025 — unless Congress takes action. The premium tax credit makes health insurance purchased via the marketplace more affordable. Participants can use the credit to lower insurance premiums upfront or claim the tax break when filing their return. In his fiscal 2025 budget request, President Joe Biden proposed making the premium tax credit expansion permanent. Former President Donald Trump's campaign did not respond to CNBC's request for comment on the program.

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Persons: Gideon Lukens, Joe Biden, Donald Trump's Organizations: American, Center, Budget, Finance, Congressional, Office, Taxation Locations: U.S