New Law Reduces Health Insurance Costs

Melior LLC

Many of us know about the additional $1,400 in stimulus money that was provided in the American Rescue Plan. But you may be surprised to know that there’s even more financial help in the plan available to you. In fact, the plan will help more people afford health insurance and reduce the monthly cost for people who already have an Affordable Care Act plan (ACA), also known as Obamacare.

How, you ask?

Nearly everyone who buys their own individual or family health insurance through the ACA Marketplace will receive financial help. The chart below shows a high-level view of these changes and how they make health insurance through the ACA more affordable.

If you’re a single adult with no kids and your annual income is:If you’re a family of four and your annual household income is:The American Rescue Plan provides:
$12,760 to $19,140$25,520 to $39,300Many people in this income range may qualify to upgrade their existing plan to one that offers better coverage and lower costs for care for a $0 monthly payment. 
$19,141 to $51,040$39,301 to $104,800Everyone will receive more financial assistance to help pay for their health plan. According to the Department of Health and Human Services, on average, many people will see their monthly payments decrease by $50 per person. 
More than $51,040More than $104,800For the first time since the Affordable Care Act was passed, many people will get help paying for their health plan. Everyone can now sign up for a plan that’s no more than 8.5% of their household income. 

Don’t miss out!

If you don’t have health insurance, now may be a great time to get it. There’s a special opportunity to sign up for an ACA plan until August 15 that people take advantage of these new financial assistance options that make health plans more affordable.

If you’re one of the 2 million Floridians who is currently enrolled in an ACA plan, starting April 1, you may be eligible for more financial assistance to lower your monthly bill or upgrade your plan at the same cost. Even if you couldn’t get financial assistance (or a subsidy) in the past because your income was too high, you may be able to after April 1. No matter your age, income or where you live in Florida, you may be eligible to enroll in an ACA plan that costs no more than 8.5% of your family income – and it could be less.

You’ll need to log in to your account at healthcare.gov and update your application to get the higher subsidy. Your agent can help you upgrade your plan or update your Marketplace application to make sure you are getting the most out of this opportunity. You can get more details or get started now to see how much financial assistance you can get.

Need Health Coverage? Give us a call at 772-546-2299 to speak to one of our licensed agents.

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