American Rescue Plan Lowers Health Insurance Costs for Unemployed Americans

A new part of the American Rescue Plan (ARP) kicks in today, July 1, 2021. It involves another reduction in cost, but this time it is specifically tied to unemployment compensation in 2021. You must have either received unemployment compensation or have been approved for it for at least 1 week during 2021. If that is the case for you, then you must submit a new application with healthcare.gov or update your existing application in order to maximize your savings. Don’t worry, you can give us a call and we can walk you through the process!

The ARP initially reduced the cost of health insurance for many Americans. This new part will reduce the costs even further for those that qualify.

HHS Secretary Xavier Becerra said:

“The Biden-Harris Administration is focused on providing relief to millions of families who need to access health insurance coverage because they have been impacted by job losses or underemployment during the pandemic. The Administration has made it easier than ever for Americans to enroll in an affordable, comprehensive health insurance plans through HealthCare.gov thanks to the increased financial assistance provided through the American Rescue Plan. We encourage consumers who have received unemployment compensation in 2021 to visit the Marketplace to see if they qualify to save money on their health insurance premiums and out-of-pocket costs.”

CMS Admin Chiquita Brooks-LaSure said:

“We are doing everything we can to remove financial barriers to comprehensive health care. The American Rescue Plan provides consumers with additional savings and will make coverage even more attainable for those most in need. We welcome people who received unemployment benefits in 2021 to check out their health coverage options on HealthCare.gov on July 1.”

 

This is the full HHS press release: https://www.hhs.gov/about/news/2021/06/29/american-rescue-plan-lowers-health-insurance-costs-americans-who-may-have-lost-their-job.html?utm_campaign=hcgov_ab&utm_content=english&utm_medium=email&utm_source=govdelivery

 If you think you may qualify, give us a call or send us a message and we will make sure that you save as much money as you can on your health insurance!

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