How the American Rescue Plan Saves You Money on your Health Insurance | How To Insurance 062
Hi, I’m Peter!
Welcome to HOW TO INSURANCE
Helping YOU understand insurance,
building CONFIDENCE for your future!
It’s more than just a Stimulus check!
On March 11, President Biden signed the American Rescue Plan with immediate impacts on Marketplace.
The law extends many COVID-19 relief programs already in place and includes provisions impacting Marketplace
Most individuals will be getting $1,400… but there is more!
The question we’re asking today is:
How the American Rescue Plan Saves You Money on your Health Insurance
Key Highlights of the American Rescue Plan
(This particular information is coming from Ambetter)
Two sections of the new law impact current and prospective Marketplace members:
Marketplace APTC subsidies will be enhanced for 2021 and 2022, allowing eligible consumers to receive more APTC than under current law and eliminating the “subsidy cliff” at 400% FPL
People receiving unemployment in 2021 will be treated as earning no more than 133% FPL, unless they are otherwise eligible for Medicaid
APTC subsidies will be enhanced for 2021 and 2022
(“Enhanced APTC”)
What it does: Lowers consumers’ required contributions at all income levels thereby increasing APTC. Individuals earning 100-150% FPL will be eligible for fully subsidized coverage. Additionally, premiums are capped at 8.5% of income for those above 400% FPL removing the “subsidy cliff.”
What’s next: Additional guidance is expected from the Centers for Medicare & Medicaid Services (CMS) and Internal Revenue Service (IRS). State-based Marketplaces (SBMs) will also release information for their states.
People that receive unemployment in 2021 will be treated as earning no more than 133% FPL, unless otherwise eligible for Medicaid
What it does: For 2021, allows individuals receiving or approved to receive unemployment for at least one week to be eligible for fully subsidized ACA coverage at 133% FPL, if they are not eligible for Medicaid. In states that have not expanded Medicaid, people below 100% FPL will also be treated as making no more than 133% FPL for APTC subsidy eligibility. Individuals will need to attest to and provide documentation to prove eligibility.
What’s next: Additional guidance likely forthcoming from CMS on eligibility including the attestation and documentation requirements. SBMs will also release information for their states.Key Highlights of the American Rescue Plan
Bottom Line:
Most people will get an automatic reduction in their monthly premium cost for health insurance!
If you’re receiving unemployment income, you will now receive the top level of Health Insurance Benefits!
Next Steps:
If you need Health Insurance - Contact us today!
Make sure your income is reported correctly with your insurance broker and health insurance marketplace (ie. Covered California and Washington Healthplan Finder)
At Apple Insurance Solutions,
We all want to protect what matters most to us in life,
but finding the right insurance can be complicated.
So I make it simple.
As Your Insurance Broker,
All your insurance is covered in one relationship,
saving you time and
building confidence for your future.
If this was helpful to you, please:
“Like and Share” this post
Follow us on social media (@appleinsurancesolutions)
Contact me at peter@appleinsurancesolutions.com
Also, keep in mind, that as Your Insurance Broker,
I offer insurance for auto, home, life, health, medicare, umbrella, and business… when you work with me, all your insurance needs... are in one relationship.
Thank you for reading HOW TO INSURANCE
Helping YOU understand insurance,
building CONFIDENCE for your future!
PETER D JOHNSEN
Your Insurance Broker | Apple Insurance Solutions
818.620.8171 CA 360.818.4865 OR/WA
peter@appleinsurancesolutions.com
Auto | Home | Life | Health | Medicare | Umbrella
SHARE this BLOG post:
