Special Enrollment Period Update
The 2021 special enrollment period for individual health insurance has been extended to Aug. 15, 2021.
This means anyone − Americans without health insurance as well as those who have already enrolled in a HealthCare.gov plan for 2021 − have a chance to check out their health insurance marketplace options offered through the Affordable Care Act, also known as Obamacare, outside the regular Nov. 1 through Dec. 15 period.
If you have questions about if this would apply to you, please feel free to reach out to us.
Extra Tax Credits
The American Rescue Plan (ARP) – the recently passed federal stimulus legislation – may help you save additional money if you’re already receiving federal aid for your individual health insurance. Here are some things you should know:
▪ 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.
▪ An enhanced tax credit is available beginning on April 1. Financial assistance is retroactive to Jan. 1, 2021 via 2021 tax filing reconciliation for individuals and families that received their health insurance through the Marketplace.
▪ Premiums after these new savings will decrease on average by $50 per person per month, or by $85 per policy per month.
To take advantage of the increased tax credits, we encourage you to call the Health Insurance Marketplace at (800) 318-2596 or visit healthcare.gov. The Marketplace call center is open 24/7 and can be accessed round the clock. If you don’t take action to update your Marketplace application, you will receive the additional tax credits when you file your 2021 tax return.
Moving to a Marketplace Plan
If you are currently enrolled in a health plan outside of HealthCare.gov (directly enrolled with the insurer) and paying full price for your policy, you may now qualify for federal aid to help pay your premiums because of changes implemented under the American Rescue Plan (stimulus bill).
If your health insurance premiums are more than 8.5% of your household income, federal aid may be available to lower your insurance costs. To see if your estimated 2021 income is in the range to qualify for a premium tax credit, please visit https://www.healthcare.gov/see-plans.
If you do think you’ll be eligible for federal aid, please contact us so we can discuss next steps with moving your health insurance from a direct enrollment without federal aid to a Marketplace plan with federal aid. We have until Aug. 15, 2021 under the Special Enrollment Period to make a plan change.
Midcoast Senior Expo
We’re excited to announce that we will have a table at the Midcoast Successful Aging Expo, scheduled for June 15 from 9 a.m. to 2 p.m. at the Rockland Elk’s Club. This is our first in person event in more than a year and we’re looking forward to connecting with our clients and community. This event is free and open to the public.