Insurance can be tough to figure out sometimes! One of the more common questions I get is: “How do I save money on my health insurance, and how does the American Rescue Plan Act change things?” Well, there are several ways! I’ll share with you the easiest, and this will be a 1-minute read.
First of all, What Is The American Rescue Plan Act of 2021?
The American Rescue Plan (ARP), recently signed into law by President Biden, increases and expands eligibility for Affordable Care Act (ACA) premium subsidies for people enrolled in marketplace health plans. There are also new temporary premium subsidies for COBRA continuation coverage now, and it temporarily changes the rules for year-end tax reconciliation of marketplace premium subsidies!
SO….What does that mean?!
It means that individuals who are already enrolled in marketplace health plans should now have more affordable coverage, and millions more will be provided an opportunity to newly sign up for coverage with INCREASED financial assistance this year!
Under ARP, ACA marketplace premium subsidies are improved for people at EVERY income level, and even if you make 4 times the federal poverty level (FPL), you will qualify for a subsidy.
BOTTOM LINE: This is a vast improvement when it comes to government-related healthcare assistance, and if you currently have an ACA plan, you should jump all over this!
Do I Qualify For A Subsidy?
Probably! Do you currently have ACA coverage, and do you currently have a subsidy? Then yes, you should still qualify.
Do you currently work at a job that doesn’t provide health insurance? Depending on your income, you should still qualify.