American Rescue Plan Lowered Health Costs for Millions of Americans Ahead of August 15 Deadline
New data show American Rescue Plan cut premiums by 40% and significantly lowered out-of-pocket costs
Today, August 5th, 2021 the Centers for Medicare & Medicaid Services (CMS) released new data that shows returning consumers can save, on average, 40% off of their monthly premiums because of enhanced tax credits in the American Rescue Plan (ARP), which President Biden has proposed to extend as part of his Build Back Better Agenda.
Since the implementation of the tax credits on April 1, 2021, 34% of new and returning consumers have found coverage for $10 or less per month on HealthCare.gov.
In the final two weeks remaining in the 2021 Special Enrollment Period (SEP), the Biden-Harris Administration encourages all Americans who need quality, affordable health care coverage to sign up by August 15.
Additionally, consumers who received, or who are approved to receive unemployment compensation for any week beginning in 2021, may be able to find even lower cost plans and save extra money on out-of-pocket expenses through due to the ARP’s enhanced tax credits.
“Health coverage is more affordable than ever for new and returning Americans,” said HHS Secretary Xavier Becerra. “We encourage everyone to take advantage of this opportunity to get the peace of mind that health insurance offers. If you are in need of coverage or you have a friend or family member who is, please sign up today and encourage others to do the same.”
Since the start of the SEP on February 15, more than 1.5 million people have enrolled in health coverage at HealthCare.gov. Additionally, more than 2.5 million current enrollees have returned to the Marketplace to find average savings of over $40 per month on their premiums.
Americans who need health coverage should act now.
This is your opportunity to find quality, affordable health coverage that will protect you and the health of your family into the future.
If you already have health insurance, you still have time to enroll in a plan that gives you better coverage at a lower price.