An average of three out of five eligible uninsured Americans can access $0 plans after advance payments of tax credits and an average of four out of five current HealthCare.gov consumers will be able to find a plan for $10 or less per month after advance payments of tax credits, reported the U.S. Department of Health and Human Services (HHS).
The American Rescue Plan (ARP) has increased tax credits available to consumers, helping to reduce premiums and giving consumers access to affordable healthcare coverage. HHS also announced an additional $50 million in advertising to bolster the Special Enrollment Period outreach campaign. The campaign will run through August 15, 2021.
Premium tax credit calculations for the Marketplaces on HealthCare.gov are now adjusted so that most consumers qualify for more substantial advance payments of premium tax credits. Many Americans on the Marketplaces will see their premiums decrease, on average, by $50 per person per month and $85 per policy per month. An average of four out of five consumers currently enrolled in a plan through HealthCare.gov will be able to find a plan for $10 or less per month with the newly expanded financial assistance under the American Rescue Plan. Additionally, after advance payments of the premium tax credits, an average of three out of five uninsured adults eligible for coverage on HealthCare.gov may be able to access a zero-premium plan and nearly three out of four may find a plan for $50 or less per month on HealthCare.gov.
Current enrollees should review their application, make any changes needed to their current information, submit their application and select a plan, or reselect their current plan, to receive the increased advance payments of premium tax credits for 2021 Marketplace coverage. Consumers who take action in April and confirm updated savings on the plan of their choice will start receiving the savings and lower costs starting with their May 1 premiums.
