Oakland County Benefits From The American Rescue Plan
Earlier this year, Oakland County was allocated $244,270,949 in federal Local Fiscal Recovery Funds from the American Rescue Plan.
It has received the first of two expected disbursements in the amount of $122,135,474.
The remaining funds will be distributed by May 2022.
“These funds will address a handful of our immediate needs to improve our public and mental health, assist the most vulnerable, help workers secure good-paying jobs and accelerate our economic recovery,” said Dave Woodward, Oakland County Board Chairman.
Higher Health Insurance Premium Subsidies for Individuals Purchasing Health Insurance
California residents who do not receive health care coverage through their employers or from government programs can purchase individual coverage through a centralized health insurance marketplace known in California as the California Health Benefit Exchange (Covered California).
The administration projects $355 million General Fund in 2020‑21 and $406 million General Fund in 2021‑22 will be used for subsidies (this funding, respectively, funds the state subsidies for the 2021 and 2022 calendar years).
Both the federal and California governments set subsidies at levels that ensure state residents only need spend a given percentage of their income (8.5% maximum) on health insurance premiums purchased through Covered California.
“The American Rescue Plan will help California roar back from this pandemic. With this infusion of federal stimulus, California can make faster progress on responding to COVID, supporting small businesses, putting money in people’s pockets, and bolstering K-12 and higher education. All of these pandemic responses add up to a brighter future for California."
$3 Billion in subsidies for California residents!
The ARP Act temporarily increases federal support for health insurance coverage purchased through the ACA health benefit exchanges. Across calendar years 2021 and 2022, Covered California projects the ARP Act will provide an additional $3 billion in federal support for health insurance subsidies.
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.
Our average client is getting $4,127 in new healthcare subsidies over the next 24 months.
Licensed benefits brokers standing by to assist by phone if you have any questions.