The recently approved American Rescue Plan Act of 2021 is bringing some significant changes to the Affordable Care Act (ACA). From now until August 15, 2021, those eligible for ACA coverage will be able to switch their health care plans and save money in the process, thanks to the expanded ACA subsidies available to most Americans. This is a rare opportunity to speak with your agent about how they can get you better ACA coverage for a lower monthly premium rate!
ACA Rulings in the American Rescue Plan
The American Rescue Plan includes five main changes to the Affordable Care Act that will support and improve both accessibility and affordability of the health insurance marketplace. The act will support the ACA by:
- Extending ACA subsidies to those whose income was too high to qualify for 2021 and 2022 coverage.
- Increasing those subsidies currently offered through the premium tax credit program for 2021 and 2022 plans.
- Providing those receiving unemployment benefits with more substantial subsidies through the premium tax credit program for 2021 and 2022 plans.
- Protecting taxpayers who inaccurately estimated their income for 2020, due to the onset of the COVID-19 pandemic, from having to repay premium tax credits during tax season.
- Providing $20 million for state-based health insurance marketplaces so that they can modernize and provide updated services in compliance with the American Rescue Plan.
Those who do not currently have ACA coverage are eligible to apply, while those with ACA plans are eligible to switch plans.
Opportunities for Better Coverage
These changes offer a golden opportunity for health insurance policyholders to save money and get better health coverage! Nearly everyone on an ACA plan, or who is eligible for ACA coverage, may receive some additional subsidy that can help them protect their families while saving money.
A good agent will keep in touch with you throughout the year, and in case anything changes with your plan. If you haven’t heard from your agent yet, give us a call at ###-###-#### to speak to a licensed agent about your healthcare coverage choices, today!
The New American Rescue Plan
Congress passed the American Rescue Plan Act on March 10 of this year. The legislative package includes a massive $1.9 trillion in relief for industries, businesses, and individuals, and is aimed at preventing another national economic crisis following the COVID-19 pandemic. Perhaps the most widely recognized portion of the act is the distribution of $1,400 stimulus checks to individuals who make under a certain income threshold. Along with providing an enrollment extension and expanded subsidies for the Affordable Care Act, the American Rescue Plan also offering changes for both Medicare and Medicaid.
Life Insurance Questions?
We hope this information on how the American Rescue Plan is offering expanded ACA subsidies is helpful.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage to speak to one of our Life and Annuity experts (888) 539-1633
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