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The American Rescue Plan Act and how it affects you.
The American Rescue Plan and you. And more importantly... How it affects your insurance.
Here are the key points for you to know.
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1. If you are currently receiving a tax credit (or help paying for coverage), you are likely going to get a larger tax credit than you have right now. No, these will not be an automatic change, at least as far as we know. Starting April 1st, 2021 your application will need to be resubmitted to get this credit. This is not a small difference and is worth your time talking to us again to secure this for you.
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2. If you were not eligible previously due to income being too high, most will now qualify. Currently the cap for a tax credit is 400% of the poverty level ($51,040 for a family of 1 this year). Under ARPA that cap changes to over 600% of the poverty level.
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3. It’s expected that those under 150% of the poverty level (or $19,140 for a family of 1) are likely to see premiums close to $0 (yes, zero.) up to the second lowest cost silver plan which is why it’s so important for us to refigure your tax credits.
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4. If you decide not to refigure, you will get the money you should have been paid back on your taxes for 2021, as long as you are enrolled in a qualified marketplace plan.
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5. Anyone receiving unemployment compensation under the poverty level will be able to get a tax credit for ONLY 2021. Unfortunately, due to Georgia’s long history of resisting Medicaid expansion, those under the 100% of poverty level who are not receiving unemployment compensation still will not be eligible for a tax credit.
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6. COBRA is seeing changes as well, starting April 1st through September 30th, 2021, COBRA subsidies will now be covered at 100% by the ARPA. This only affects those who were laid off or involuntarily terminated due to workforce reduction at their company.
The American Rescue Plan Act affects nearly everyone, in a major money sort of way. Give us a call to get on our schedule starting April 1st, we will have until August 15th to refigure the tax credits.
Enroll Link: https://www.healthsherpa.com/?_agent_id=holly-conley
Schedule: https://www.insurance-now.com/contact
Sources:
American Rescue Plan: https://www.congress.gov/bill/117th-congress/house-bill/1319/text
CMS Fact Sheet: https://www.cms.gov/newsroom/fact-sheets/american-rescue-plan-and-marketplace
Health Sherpa’s 'The American Rescue Plan expands subsidies, makes ACA health insurance cheaper for most Americans': https://blog.healthsherpa.com/american-rescue-plan-health-insurance-subsidies/
KFF’s 'How the American Rescue Plan Act Affects Subsidies for Marketplace Shoppers and People Who Are Uninsured': https://www.kff.org/health-reform/issue-brief/how-the-american-rescue-plan-act-affects-subsidies-for-marketplace-shoppers-and-people-who-are-uninsured/