The Centers for Medicare & Medicaid Services (CMS) released new data that shows returning consumers can save, on average, 40% off of their monthly premiums because of enhanced tax credits in the American Rescue Plan (ARP), which President Biden has proposed to extend as part of his Build Back Better Agenda. Since the implementation of the tax credits on April 1, 2021, 34% of new and returning consumers have found coverage for $10 or less per month on HealthCare.gov.
In the final two weeks remaining in the 2021 Special Enrollment Period (SEP), the Biden-Harris Administration encourages all Americans who need quality, affordable health care coverage to sign up at HealthCare.gov by August 15. Additionally, consumers who received, or who are approved to receive unemployment compensation for any week beginning in 2021, may be able to find even lower cost plans and save extra money on out-of-pocket expenses through HealthCare.gov due to the ARP’s enhanced tax credits.
Since the start of the SEP on February 15, more than 1.5 million people have enrolled in health coverage at HealthCare.gov. Additionally, more than 2.5 million current enrollees have returned to the Marketplace to find average savings of over $40 per month on their premiums.