Beginning April 1, 2021, President Biden’s Relief Plan will reduce health care premiums and cost sharing for the 9 million people currently enrolled in the ACA Marketplace across America.  80% will see their Silver plan premiums reduced to $10 or less per month and their deductibles reduced to under $200.  25% will be able to upgrade their current plan for the same premium.  In New York and New Jersey alone, over 31,000 enrollees will be eligible for $10 per month Silver plans.  For the rest of us, plan premiums are being reduced $500 to $1000 per month.  But wait there’s more….. The credit is retroactive to January 1, 2021. You will be getting a refund.

If you are uninsured:  It is open enrollment until May 15th.  Get your fingers moving and sign up for health insurance on your state’s site.  If you are in New York, I can sign up for you.  

If you are or were collecting UI in 2021: You, too, may be eligible for a free Silver plan on your state’s Marketplace. 

If you are currently insured:  You will most likely be eligible for an additional tax credit that will be applied to your monthly premiums.  All you need to do is update your application after April 1st.   It’s open enrollment.  Check out a silver plan and see how much you will save.  There is no longer a maximum wage cliff.  

If you currently have a Short Term or Junk insurance: Carefully run as fast as you can and sign up for a Marketplace plan that cannot deny any claims based on any pre-existing condition.

If you are on COBRA:  Your premiums will be free until September 30, 2021.

Medicaid Maternity Benefit:  President Biden’s plan expanded Maternity postpartum care from 60 days to 12 months across the board.

It’s currently open enrollment on the Marketplace.  President Biden’s relief package is making health care coverage more affordable, if not free, to many eligible Americans.   If you have insurance under a family member’s plan, you may not be eligible. The Marketplace sites are being updated and will take a little time to catch up to the new regulations and issue refunds.  Due to the pandemic, this is a recovery and relief plan.  Therefore, these subsidies are only here for two years. Congress could make some permanent, but only if they are successful.   If you think you may qualify, it is worth applying.

Gail

March 16, 2021