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Individual Health Insurance

The American Rescue Plan was recently signed into law. In combination with the 2/15—5/15 Special Enrollment Period, this COVID-19 relief bill gives ACA agents and brokers a unique opportunity to enroll new and existing clients in more affordable coverage without a qualifying life event. 

Here are the top 4 points you should know about how this newest COVID-19 relief bill impacts ACA enrollments:

  1. Larger subsidies for 100—400% FPL. Most significantly, enrollees who are within 100 - 150% FPL are eligible for a $0 premium silver plan with substantial cost-sharing reductions that lower deductibles.
  2. Expanded APTC eligibility to those above 400% FPL. The new bill caps the percentage of income paid for a Marketplace benchmark silver premium to 8.5%, which makes ACA coverage significantly more affordable for enrollees who traditionally had too high of an income to qualify.
  3. APTC guarantees for enrollees receiving unemployment compensation. If an enrollee is receiving unemployment compensation, they will qualify for subsidies as if their income is 133% FPL. This means these enrollees are eligible for a silver plan with a $0 premium and significant cost-sharing reductions.
  4. These subsidies are retroactive to January 1st, 2021.

It will take some time for these changes to be implemented on the Federal Marketplace so keep an eye out on our Industry Updates section for updates.

If you have questions, call us today at 866-568-9649.