Does the American Rescue Plan Act Benefit You?
The American Rescue Plan, which was signed into law in March of 2021, provides money to help qualifying Americans pay for their health insurance coverage. For those who enrolled in a plan through Nevada Health Link, health insurance premiums may go down. Those who were ineligible for financial help in the past due to being above the income limits may now qualify for reduced monthly payments. We are discovering that many, many, Nevadan’s are now qualifying for Government subsidies as opposed to past 7.5 years where they made too much to qualify and their income was over 400% of the Federal Poverty Level. All this has now changed and many Nevadan’s are now qualifying, and many qualify with hundreds of dollars of assistance each month!!!
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What Is the American Rescue Plan Act?
The American Rescue Plan Act provided direct relief to working Americans to help the country recover from the economic effects of COVID-19. It included a wide range of benefits for the individuals who met the income qualifications, including direct checks, extended unemployment insurance and support for small businesses.
What Are the Health Care Benefits in the American Rescue Plan Act?
In addition to direct payments and extended unemployment benefits, the American Rescue Plan included benefits that made health insurance more accessible in the form of subsidies and tax credits. Even if your income made you ineligible for subsidies last year, you may qualify for a subsidy under the plan. This cuts down on how much Nevadans pay for their health insurance, letting them put their money towards other living expenses. The plan also provided federal subsidies that paid 100% of COBRA for a limited time. If you lost your job during 2020-2021 and qualified for unemployment, you may also be able to sign up for $0 premium plans.
This aid is not permanent, but it provides assistance for 2021 and 2022, which is expected to give most Americans the time they need to financially recover from cut hours, lost jobs and other expenses that they incurred during the pandemic.
Extended Enrollment Deadlines
You may worry that quality health insurance is out of reach, especially if your salary is still lower than it was pre-COVID or you lost your job. Fortunately, the American Rescue Plan extended the deadline for the Special Enrollment Period/Open Enrollment Period through August 15, giving you more time to find a plan.
If you enrolled in a health insurance plan through Nevada Health Link, the platform automatically assesses whether you meet the new financial eligibility guidelines. If you previously requested subsidy assistance but were not eligible, you do not have to do anything. A health insurance agent can help you verify the automatic changes or request subsidy assistance for a new policy.
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Getting Affordable Health Insurance with Nevada Insurance Enrollment
There are numerous health insurance plans to choose from across several price points, each with its own set of benefits, and understanding your options can be a challenge. Nevada Insurance Enrollment has licensed health insurance agents who specialize in helping you compare plans, evaluate out-of-pocket costs and determine which health insurance policy is best for your unique needs. They can also help you change to a better health insurance plan, determine whether you qualify for financial assistance and ensure that you receive the benefits you are eligible for under the American Rescue Plan Act.
Related Articles:
♦ President Biden’s Plan For Health Insurance
♦ President Biden Signs the American Rescue Plan Act
♦ American Rescue Plan – How Your Health Insurance Premium Will Decrease
♦ Health Insurance Subsidy aka Advanced Premium Tax Credit
Read More: Health Insurance in Las Vegas, Nevada
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