American Rescue Plan
The newly passed American Rescue Plan is the biggest expansion of the Affordable Care Act. This is great news for those who already have a Marketplace plan and those that previously didn't qualify.
We will post updates as we learn more about this bill and how these changes will be implemented. The local agents at Utah Avenue Insurance are training and researching daily. We want to ensure that you are getting the best plan available and all the subsidies you are entitled too.
Please feel free to call, text, drop by, email or message us through chat with any questions you may have. Our help and service to you is always free.
There are two big benefits included in the American Rescue Plan that we are all excited about. First is that those on a Marketplace plan currently will most likely qualify for lower premiums. Second is that those who did not qualify for subsidies because they made too much may now qualify. Here's what else we know.
1. Larger Subsidies: This is the amount of extra help you get paying for your health insurance. The amount of help you get is based on your household size, income and zip code. Those who qualify, will now be getting extra help on their health insurance premium. This means you may pay less for your current plan. This backdates to January 1, 2021. A local agent can see if you qualify for lower premiums. Call/text us 801-609-8699 or schedule an appointment.
2.Expanded eligibility to those who currently don't qualify for subsidies because their income is too high. This means that if you will make too much this year to qualify for lower premiums on a Marketplace plan, you can now get extra help. This option to get extra help on your premium is a little trickier, but a local agent can help you understand your options and how to get lower premiums.
3. Those receiving unemployment qualify for a $0 deductible plan with full amount of subsidies. People receiving unemployment compensation at any point in 2021 will qualify for a $0 deductible plan and get the full amount of subsidies for that plan. In Utah, these plans have a very small premium because they include extra benefits.
4. Bill covers 100% of cost of Cobra for people that were involuntarily terminated. This is the first time that Cobra may be a great option. This will end on September 30, 2021. Your employer will need to help you enroll and get the Cobra Subsidies for these plans.
5. NO credit repayment of APTC on your 2020 tax return. Those who underestimated their income in 2020, will NOT have to pay back any subsidies when you file your taxes. This is a one-time deal. If you have already filed your taxes, you may be able to file an addendum to get this money back. As soon as we know more, a local agent can direct you to a great CPA to help you keep your money.
6. Medicaid for pregnant women will be extended for 12 months after birth. Generally, pregnancy Medicaid continues for 60 days after birth. It will now be extended a full 12 months after birth. This will stick around for 7 years.
About Utah Avenue Insurance
Utah Avenue Insurance is your local health insurance experts. Our agents are here to help you with all your health insurance questions. Utah Avenue can help you with marketplace (aka Obamacare) plans, private health insurance and Medicare. If you have questions about how your medical insurance plans work or need help enrolling in a plan, we can help you. As always, our service is free to you.
332 S 100 W, Payson, UT 84651
699 S Main Street, Springville, UT 84663
Give Utah Avenue a call or make an appointment with Utah Avenue Insurance and we'll be happy to help!