FREE and Low-Cost Health Insurance Now Available For Over 200,000 Washington Residents
Congress recently passed the American Rescue Plan Act.
You may have heard about the $1400 dollar checks going out to many Americans, but there are many more benefits you need to know about.
In this short article, we’re going to look at the healthcare provisions that are most relevant to Washington residents.
Here’s what Insurance Commissioner Mike Kreidler said: “Despite the progress made under the Affordable Care Act, we know that too many families have struggled to afford critical health coverage, especially during the COVID-19 pandemic. The American Rescue Plan Act makes good on a promise to provide more affordable coverage to so many in need. More importantly, we know it will save lives.”
The American Rescue Plan Act reduces the percentage of income that people must pay toward their health coverage and removes for two years the cap on income to qualify for premium subsidies. The measures increase subsidies and the number of people who qualify for financial help.
With removal of the income cap, individuals who earn more than $51,040 and families who earn more than $104,800 will not be required to spend more than 8.5% of their income on health insurance premiums.
Others with lower incomes will see their premiums reduced; a family of four earning between $26,200 and $39,300 would not pay any premiums.
Before, they had to spend between 2% and 4.14% of their income on premiums.
Call (877) THE-HALO for help making sure you get every penny the government owes you.
In addition, the new law:
Increases the amount of subsidies available for people who receive unemployment benefits in 2021.
Removes the requirement that people pay back any excess subsidies they may have received in 2020 if their income changed during the year.
Covers 100% of COBRA premiums for anyone who loses a job and wants to keep their employer-sponsored coverage through Sept. 30, 2021.