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New financial help to lower premiums due to COVID relief

Published: Apr. 8, 2021 at 4:30 PM CDT
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WAUSAU, Wis. (WSAW) - The American Rescue Plan not only provides resources to beat the pandemic, but it also expands access to health insurance coverage and lowers cost ensuring nearly everyone who buys their own individual or family insurance through a Marketplace can receive a tax credit to reduce their premiums.

As we continue to battle COVID-19, it is more important than ever that Americans have access to affordable health care. The Health Insurance Marketplace at HealthCare.gov has a Special Enrollment Period available now to all Marketplace-eligible consumers who apply. And as a result of ARP, millions of customers now have access to newly expanded financial assistance on HealthCare.gov.

Starting on April 1, consumers will be able to take advantage of increased premium tax credits on high quality health care plans when they enroll in coverage through HealthCare.gov. The new law will lower premiums for most people who currently have a Marketplace health plan and expand access to financial assistance for more consumers.

Did you know?

  • A family of four can get a plan with premiums at $163 per month due to newly expanded financial assistance.
  • 4 out of 5 customers can find a plan for $10 or less per month with the newly expanded financial assistance.
  • Many premiums will decrease, on average, by $50 per person per month and $85 per policy per month.

Consumers can enroll now and will have 30 days after they submit their application to choose a plan.

Centers for Medicare & Medicaid Services Director of the Office of Minority Health, Dr. LaShawn McIver, joined NewsChannel 7 at 4 on Thursday to discuss everything you need to know about the HealthCare.gov SEP.

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