Full Circle: The HHO Blog

Obamacare and the American Rescue Plan Cut Out Of Pocket Expenses

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As you may know from reading articles on this site, the American Rescue Plan has many billions of dollars dedicated to helping Americans pay for their health insurance premiums.

Here's what CMS Acting Deputy Director Jeff Wu said recently:

“The ACA and the American Rescue Plan offer a lifeline to coverage for millions who might otherwise be uninsured,Those groundbreaking legislative actions are lowering health insurance premiums for millions of Americans, and the regulatory steps we’re taking today build upon those actions. They will ensure that next year, Americans will continue to find affordable, quality coverage through the marketplaces.”
Jeff Wu
 

But as we all know, there's also the issue of out-of-pocket expenses!

$400 Lower Cap On Expenses.

CMS (Centers for Medicare and Medicaid Services) on Friday significantly changed how Affordable Care Act exchanges will run next year, intending to lower out-of-pocket costs for Obamacare customers, streamline enrollees’ user experience and update how insurers are paid for the risks they take on their members.

In its second update to the annual benefit and payment parameters rule, the agency announced consumers’ maximum out-of-pocket costs will be limited to $8,700 for individuals and $17,400 for plans that cover multiple people.

The update is $400 lower than previous caps, CMS said.

“Families deserve to have access to healthcare coverage that doesn’t break the bank. That’s why today we’re acting to lower consumers’ maximum out-of-pocket costs by $400 and why President Biden has a plan to reduce families’ healthcare costs for the long run,” HHS Secretary Xavier Becerra said in a statement.
Xavier Becerra

More Provisions To Help You Get Affordable Health Insurance

CMS said it was also finalizing a few provisions aimed at helping consumers gain coverage. During this special enrollment period, CMS said 80,000 individuals have already enrolled in plans.

By allowing enrollees to change marketplace plans if they don’t receive advance payment on premium tax credits; allowing those age 30 and over to apply for catastrophic coverage; enabling beneficiaries who aren’t notified of triggering life events to enroll in plans 60 days after they learn about their eligibility; and permitting COBRA beneficiaries to sign up for marketplace coverage if the employer or government contributions to their plan end, the agency aims to slow the growth in healthcare costs and cut the uninsured rate.

Estimates are that 4 out of 5 who enroll in a new 2021 health plan can find a plan for $10 per month, with financial assistance.

We will make sure that you get the maximum amount of financial relief that you’re entitled to.  

You probably qualify for low or zero-premium healthcare with the lowest deductibles, lowest out-of-pocket costs, and the lowest cost to see your doctor.

This is full coverage and covers everything from the private health insurance companies that you can choose like Anthem,  Blue Cross,  Blue Shield, Cigna, Aetna, United Healthcare, and all the brand name carriers that you know and trust. 

Call us at (877) THE HALO to make sure you get every dollar this new law wants to give you.

We will:

  • Discuss how the new law impacts you

  • Review your coverages

  • Show you  all your options 

  • Help you complete your application

  • Calculate your subsidy and get you the maximum

  • Submit it to the federal government 

  • Get you approved within minutes!

 Call (877) THE HALO

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