On March 11, President Biden signed The American Rescue Plan into law. The plan increases eligibility for financial assistance to those purchasing health coverage through the Marketplace.
Here are the details:
- After the advance payment of increased tax credits, plans purchased through Healthcare.gov will decrease by an average monthly cost of $50 per person and $85 per policy.
- Four out of five enrollees will be able to find a plan for $10 or less per month after tax credits.
- 50% of enrollees will be able to find a Silver plan for $10 or less per month.
- One out of four enrollees on Heathcare.gov will be able to upgrade to a plan that offers lower out-of-pocket costs at the same or lower premium to what they’re currently paying.
- 3.6 million uninsured people will be newly eligible for tax credits.
- 1.8 million uninsured people with incomes below 150% of the Federal Poverty Line (FPL) will be eligible for a 100% premium subsidy for the benchmark Marketplace plan.
The U.S. Department of Health and Human Services created a fact sheet you can find by CLICKING HERE.
Due to the Special Election Period, people have until May 15 to select a Marketplace plan.