THE AMERICAN RESCUE PLAN ACT

 

TAKE ACTION NOW!  SUBSIDY CHANGES GO INTO EFFECT ON APRIL 1ST

 

 

The American Rescue Plan Act (ARPA) of 2021 was signed into law and expanded financial assistance in the form of tax credits (aka “subsidies”) to all Marketplace eligible consumers.  The expansion will be in effect for the remainder of 2021 and for all of plan year 2022.

 

Key components of the ARPA:

 

  • Extra subsidies for households at 100%-400% of Federal Poverty Level
  • New subsidies for individuals at 400%+ of Federal Poverty Level
  • Consumers will not pay more than 8.5% of household income for medical coverage
  • A NO-COST Silver-level plan for individuals at 100%-150% of Federal Poverty Level

 

This additional financial assistance is NOT automatic!   

 

Are you already enrolled in a plan on The Marketplace?  Starting April 1st, you will need to update your application through the Marketplace in order to receive the more generous tax credits right away, resulting in a lower monthly premium for the remainder of 2021.  This needs to be completed as soon as possible to see the lower premiums reflected on May 1st.

 

Do you need to sign up?  You have now thru August 15th to sign up and take advantage of the revised and more generous subsidies.

 

Please contact me and I will assist you in taking the next step!

 

Cheryl Bujold

Individual Health Insurance Manager

Email:  Cheryl@hsinsuranceservices.com

Phone: (480) 263-0893