On March 11, 2021 President Biden signed the American Rescue Plan Act of 2021 into law. The Act makes significant positive changes to the access and affordability of health coverage through the Marketplace.
What does this mean?
Access to enroll and/or change your current coverage has been “opened up” via the new Special Enrollment Period (SEP) that is currently open from February 15-August 15. You do not need documentation to prove the SEP. This means that if you missed the Open Enrollment period in 2020, you can now enroll!
Those enrollees that have coverage currently and are receiving a subsidy may receive an increase to the amount of their subsidy. Also, those that may have not qualified for a subsidy previously, may now qualify!
What do I do now?
The extra subsidies will become available on April 1, 2021 due to the American Rescue Plan Act. After that date, current enrollees will have 2 options as your premium will not be automatically lowered.
If you choose to do nothing, and any extra subsidy you may be eligible for will be given as part of your 2021 tax refund.
Update your application and reselect your plan to get the savings immediately. You could have the opportunity to move to a plan that better suits your needs at the same or lower premium.
*if you do change plans, it may affect the amount you have already paid toward your deductible and/or out-of-pocket maximums.
If you don’t currently have health insurance, you have the chance to get coverage now!
You can call Thams Agency at (712) 343-6332 or click here to get a quote! We would love to help you get the coverage you deserve.