The America Rescue Act Plan: What you need to know
Hello from ComPro! The American Rescue Plan Act (ARPA) that President Biden signed into law on March 11 may have an impact on your current health insurance plan.
- If you ARE enrolled in health insurance through healthcare.gov, you may be eligible for a higher Premium Tax Credit.
- If you ARE NOT enrolled in health insurance through healthcare.gov, you may now be eligible to sign up.
ARPA enrollment period is April 1- May 15, 2021. The team at ComPro is here to answer your questions and work with you to update your current application or start a new one.
MORE DETAILS ABOUT ARPA
If you ARE enrolled in health insurance through healthcare.gov:
- You are probably eligible for a higher amount of Premium Tax Credit.
- We need to update your application on healthcare.gov to determine the new amount of Premium Tax Credit and apply it to your monthly premium to lower your payment.
- You may want to consider changing to a new insurance plan with better benefits because it will be more affordable.
- If you choose to not take action on this during the ARPA enrollment period and you are eligible for a higher Premium Tax Credit, the credit can also be claimed as a tax refund when filing your 2021 tax return.
If you ARE NOT enrolled in health insurance through healthcare.gov:
- Health insurance is available to anyone that does not have access to health insurance offered through an employer or is covered by a government program such as Medicaid or Medicare.
- With ARPA, the maximum income limit for eligibility has been eliminated. The new guideline is that a benchmark Silver
- Plan can be no more than 8.5% of your household income.
- This could be a great option if you are currently enrolled in a policy with no Premium Tax Credit (such as an individual policy, a COBRA plan or a short-term plan). It’s also a great opportunity for anyone that does not currently have health insurance.
- You need to enroll through healthcare.gov to be eligible.