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American Rescue Plan and New York Health Insurance.

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The American Rescue Plan (ARP) is drastically lowering the cost of health insurance for many New Yorkers.

76% Reduction Before the ARP, those at 201 percent of the federal poverty level in single and family plans in 2021 had a $128 per month premium totaling $1,542 per year.

In contrast, under ARP the same individuals would have a $31 monthly premium with an annual cost of $372.

This resulted in a 76 percent reduction in insurance premiums!

Using Queens As An Example

Without the ARPA, Queens, New York residents with incomes at 408 percent of the federal poverty level who were enrolled on the Affordable Care Act marketplace might pay nearly $21,000 in premiums each year. In contrast, with the ARPA, residents would pay slightly more than $8,500.

With the ARPA, enrollees on the lowest-cost silver-level plan in Queens, New York who had an income below 400 percent of the federal poverty level spent about $406 on their monthly premiums. If their incomes increased beyond the 400 percent cut-off, their premiums became approximately 35 percent higher—around $611 per month.

New York State Requires Insurance Companies To Allow Consumers To Change Plans

New York is requiring insurers to allow consumers to choose a different product from the same insurer during the extended enrollment period, and to carry over any health expenses and apply them towards a new deductible or maximum out-of-pocket limit.

If this sounds complicated, don't worry we're here to help.

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