The Public Health Emergency (PHE), first declared in January 2020 and extended continually for 90-day periods since then, has been extended for another 90 days. It would have expired January 11th without the extension. The Administration has promised to give at least 60 days’ notice if it is going to end the PHE; many observers believe this could be the final extension. The unwinding of the PHE has many implications for health care financing and delivery, including the ending of some waivers that have been in place since 2020, private insurance and government health plans taking on COVID costs for most Americans, and loss of Medicaid coverage for millions of Medicaid beneficiaries.