American Rescue Plan How Your Health Insurance Premium Will Decrease

LAS VEGAS - July 9, 2021 - PRLog -- In March 2021, President Biden signed H.R. 1319, or the American Rescue Plan. This plan got a lot of publicity because it included a third stimulus payment, which helped struggling Americans catch up on bills and Covid-related expenses. Along with individual payments, the bills included a wide range of provisions, including one to make health insurance more affordable for millions of people.

What Did the American Rescue Plan Change?

-The Subsidy Cliff
The American Rescue Plan eliminated the so-called subsidy cliff, or the point at which an individual's income made them ineligible for a subsidy to cover some of their health insurance premium.

If you make less than 400% of the federal poverty line and you purchase the benchmark plan, you qualify for premium tax credits. However, if you make more than 400%, you do not qualify for tax credits, even if health insurance premiums take up a significant portion of your income. Under the American Rescue Plan's provision, no one enrolled in a Marketplace plan pays more than 8.5% of their income for health insurance, regardless of income.

-Full Premium Coverage for Unemployed Americans
The American Rescue Plan also includes a provision to let those receiving unemployment compensation in 2021 enroll get premium-free or nearly premium-free health insurance. Under this provision, anyone who received unemployment in 2021 will not have their income counted at more than 138% of the poverty level to determine how much of a subsidy they qualify for. This lets them qualify for a premium-free or nearly premium-free silver plan.

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