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Buying your own health insurance has just become much cheaper

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Dennis Thompson Health Day Reporter

Tuesday, April 6, 2021 (HealthDay News)

Starting this month, tens of millions of Americans will find it much more affordable to buy their own health insurance, thanks to the generous financial support included in the US Rescue Planning Act (ARPA) signed by President Joe Biden in March. You can see that it is the price.

This includes those who have already purchased this year’s plan and those who are not currently insured.

Health policy professionals will access HealthCare.gov and offer it under ARPA to anyone who purchases their health insurance during a pandemic-promoted long-term open registration period until August 15. We are urging you to take advantage of the new subsidies that will be offered.

You are very likely to find a better deal with your health insurance than you have now.

“Not only is it for uninsured people to enter the market, but also for those who have already bought a plan and switched to another,” Cynthia Cox, vice chairman of the Kaiser Family Foundation, said in a recent briefing. ARPA Healthcare Regulations.

“For high-income people, they may find that they can afford plans with lower deductions,” Cox continued. “People who buy bronze plans may find that these subsidies can afford to buy a silver plan, which can result in lower deductions.”

The ARPA clause, which will be enforced until 2022, ensures that those who purchase market coverage will not pay more than 8.5% of their income, no matter what they do.

Health insurance only costs 8.5% of your income

“According to this bill, we don’t care what your income is. If you need financial assistance so that you can get insurance at the cost of only 8.5% of your income, you can do that. Get financial support, “said the National Center for Coverage Innovation of Family USA, a non-profit healthcare consumer advocacy organization.

People who earn up to 150% of federal poverty levels (about $ 19,000 for individuals and about $ 39,000 for families of four) can now get a zero-premium silver plan and share the cost of reducing deductions. You will also benefit from subsidies. Karen Politz, Senior Fellow of the Kaiser Family Foundation.

“The average deductible silver plan this year is close to $ 5,000, but the most generous cost-sharing subsidies reduce the deduction to less than $ 200,” Pollitz said at a briefing.

Those who make more will also benefit from ARPA’s generous grants. This includes people with incomes in excess of four times the poverty rate who were not previously eligible for financial support in the health insurance market.

“ARPA totally reduces everyone’s premium payments. 92% of those who buy their insurance are now subsidized,” Cox said. “Of those 8% unsubsidized, they are really high-income people who pay less than 8.5% of their income for premiums without subsidies.”

These new perks became effective on HealthCare.gov on April 1st.

According to a financial counselor at the University of Michigan School of Medicine, to find out how they can help you, go to the website, select the “Report Life Changes” option, and “My Household Income Click “Change to”.

New options include paid COBRA premium

It doesn’t matter if your income hasn’t actually changed.This procedure is to submit the application form to the site[プラン比較]Needed to go to the section. Here you can see the options currently available. You can then keep the plan or choose a new one.

If you proceed to a new plan, all deductions you encounter with your existing plan will be erased and you will have to start over. You also need to make sure that your doctor is participating in the new plan.

According to experts, ARPA’s other healthcare offerings are still underway, but should be online soon.

For example, the federal government will pay 100% of the COBRA premium to workers dismissed for up to six months this year, including those who lost their jobs early in the pandemic.

Many of the dismissed workers cannot afford to pay COBRA because they have to pay the full premium for their insurance, Dawn said.

“It’s a huge amount that very few people can buy, so very few people could take advantage of COBRA,” Dawn said. “The new law will allow the federal government to pay a COBRA premium for at least the months from April to September, so dismissed workers will receive affordable compensation.”

The employer is supposed to contact a qualified person, but he must contact a human resources representative to ask a question.

People receiving unemployment benefits are also eligible to increase insurance market subsidies during 2021, but they will take longer to implement, Politz said. The program will start sometime this summer.

For more information

Kaiser Family Foundation Health insurance subsidies under the American Rescue Planning Act..

Source: March 25, 2021 Media Briefing: Cynthia Cox, MPH, Vice Chairman of the Kaiser Family Foundation, and Karen Pollitz, MPP, Senior Fellow, Kaiser Family Foundation. Director of Coverage Innovation National Center for Stan Dawn, JD, Family USA.University of Michigan Medicine / University of Michigan, News Release, April 1, 2021

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Buying your own health insurance has just become much cheaper

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