CMS announces that healthcare.gov will reflect subsidy changes on April 1, 2021
This is no April Fools day joke. The extra subsidies and lower premiums will be available starting on April 1, 2021. But don't worry about having to wait so long for your savings. These extra subsidies will backdate to January 1, 2021.
CMS, the Center for Medicare and Medicaid Services, is the department that is implementing a lot of the changes to HealthCare.gov. So we are patiently, and a little not so patiently, waiting for these updates from them. We will continue to watch and see if they release any more information and updates sooner.
Our local agents are gearing up so we can update your applications as soon as possible. We want to ensure that you are not overpaying for your health insurance. We are hiring 2 new front desk office assistants, including one that can speak Spanish. If you have any questions about your plan and how it will be affected, please don't hesitate to call, text, drop by or schedule an appointment. We're happy to help you anytime.
Subsidies: This is the amount of extra help that individuals and families get each month towards their health insurance on the Marketplace. The amount of extra help are based off a few factors. Zip code, ages of everyone on the plan, number of people in your taxable household and your taxable household adjusted gross income. Depending on how far above the federal poverty line you fell based on this information, determined how much help you got towards your monthly premium on the Marketplace. Those people that made between 100% and 400% of the FPL, or federal poverty line, qualified for subsidies.
It will take some time for these changes to be implemented and to update your plan. We do know that the extra subsidies and new lower premiums for you will backdate to January 1, 2021 if you already had a plan in place. So for the first three or four months you may get a credit or refund for those premiums you've already paid. We will post updates as we learn more about this bill and how these changes will be implemented.
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!