Health insurance is on sale at a great price thanks to the latest COVID-19 relief law
The federal government is having a big sale on health insurance.
The American Rescue Plan Act, Washington’s latest effort to pull the economy out of the COVID-19 slump, has increased subsidies, allowing more people to buy plans in insurance markets around the world. ‘Affordable Care Act.
“The savings are huge,” said Joanna Rosenhein, an expert at the nonprofit Pennsylvania Health Access Network, which helps people buy insurance. “We see people saving hundreds of dollars a month. Some people now pay zero dollars a month, whereas before they were 100 dollars or more. “
In Pennsylvania, the price cuts are automatic and will appear on consumers’ monthly bills for July. Lower rates are also retroactive to the start of the year in Pennsylvania. Consumers will receive credit for the higher premiums they have paid since the start of the year.
Most workers are insured by their employer. But individuals can purchase plans from online insurance markets established after the Affordable Care Act 2010.
Uninsured Pennsylvanians have until August 15 to purchase insurance this year. And the extended registration period ends in November in New Jersey. The highest grants are available nationwide for the remainder of this year and into next year.
Pennie.com, which is Pennsylvania’s new online marketplace for health plans, and GetCoveredNJ on nj.gov/getcoverednj have information about the new grants prominently displayed.
Pennie implemented the changes to the US bailout on April 16. As of Wednesday, about 30,000 existing consumers in the state had quickly taken advantage of the savings of the new law by re-entering their registration information. And about 16,500 new customers have joined us, a Pennie spokesperson said.
In April, Pennie officials estimated that 270,000 Pennie customers will potentially benefit from savings under the new law. Some will see their bonuses disappear completely.
Under the old rules, for example, a family of four with an annual income of $ 39,750 could have paid up to $ 137 per month for insurance, or $ 1,644 per year. The new law reduced the premium to zero.
Another major change brought about by the American Rescue Plan is that high-income individuals and households are eligible for grants. The new law states that no one should pay more than 8.5% of their income in health insurance.
This means that a family of four (two adults in their 40s with two children) living in Southeastern Pennsylvania with a family income of approximately $ 125,000 per year will be eligible for a grant, or bond, of $ 667. USD per month, according to Independence Blue Cross. , the largest health insurer in the region.
“For those already subsidized, the amount of their voucher has increased significantly, and for people who thought they could not get help, this is not currently the case,” said Paula Sunshine, Senior Vice President and director of marketing. to independence.