We wanted to update you on some important changes taking place in the individual health insurance marketplace. The American Rescue Plan (ARP), recently signed into law by President Biden, provides new incentives for Americans to enroll in a traditional marketplace health insurance plan with premium tax credits.
Now is a good time to reconsider your coverage options, as provisions of the ARP have made the Qualified Health Plans in Connecticut more affordable through 2022.
During a Special Enrollment Period of May 1 – August 15, 2021 anyone may select a new Access Health CT marketplace plan.
Why a marketplace plan may now make sense for you and your family:
- Payments toward the cost of a benchmark or less expensive plan will be capped at 8.5% of household income.
- Tax credits for marketplace health plan premiums have increased at every income level; the portion of premiums you pay will go down.
- Even if you receive unemployment insurance during 2021, your enhanced premium subsidy will continue without interruption.
We recognize that you will need to weigh costs and benefits to determine what is the right coverage value for you. This can be a complex calculation. Please call on us, your subject matter experts. We’ll work together with you to arrive at the best decision.