Full Circle: The HHO Blog

American Rescue Plan and the Child Tax Credit

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In a press release from the White House, the Biden-Harris administration announced that June 21st is Child Tax Credit Awareness Day.

This is to ensure parents know about the American Rescue Plan’s historic expansion of the Child Tax Credit and how it will benefit their families. Critically, as part of Child Tax Credit Awareness Day, the administration will encourage elected officials, organizations that fight for children, and faith-based organizations, to help low-income families—who may have such low-incomes that they are not required to file taxes—to use a new, easy Child Tax Credit sign-up tool to help give their children a lifeline out of poverty.

According to the latest U.S. Census Pulse Survey in May, about 7.6 million adults had someone in their household who took paid or unpaid leave, left their job, lost their job, or did not look for a job in the last month because child care arrangements remain disrupted due to the pandemic—three in four of whom were women and half of whom were women of color. Another 1.2 million women continued to work-from-home while they or another family member cares for their children.
President Biden & VP Harris

The American Rescue Plan makes health insurance more affordable for millions of Americans.

"People need to be aware of these changes and utilize the benefits," Sen. Tammy Baldwin says.
 

A Kaiser Family Foundation analysis estimates that 92% of people who buy their own health insurance will qualify for a subsidy. Its findings also indicate that 1.4 million uninsured people are now newly eligible for the subsidized marketplace coverage.

Kaiser pegs the average savings as ranging from $33 a month for those with incomes under 150% of the poverty level to $213 a month for those with incomes between 400% and 600% of the federal poverty level.

Estimates by the Centers for Medicare & Medicaid Services (CMS) say premiums after the new savings will decrease, on average, by $50 per person per month, or $85 per policy per month. Four out of five enrollees should be able find a plan for $10 or less a month after premium tax credits, CMS says, and more than 50% will be able to find a “Silver” (or mid-level) plan for $10 or less.

Get your maximum health insurance subsidy. --90% of applicants are entitled to additional subsidies!

--Less than 5 minutes to see how much you will save each year.

--Licensed benefits brokers standing by to make sure you get every dollar you are entitled to.

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