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HomeLatest NewsFederal NewsFederal Health Insurance Marketplace Expands Financial Assistance Under American Rescue Plan Act...

Federal Health Insurance Marketplace Expands Financial Assistance Under American Rescue Plan Act of 2021

President Biden signed the American Rescue Plan Act of 2021 (ARP) into law on March 11, 2021. The ARP is the fourth COVID-19 relief package passed by Congress. ARP increases the number of individuals eligible for financial assistance to help pay for Marketplace healthcare coverage.

The new law will lower premiums for most people who currently have a Marketplace health plan and expand access to financial assistance for more consumers. Under the new law, many people who buy their own health insurance directly through the Marketplace will become eligible to receive increased tax credits to reduce their premiums. Starting April 1, 2021, consumers enrolling in Marketplace coverage through HealthCare.gov will be able to take advantage of these increased savings and lower costs. Premiums after these new savings will decrease, on average, by $50 per person per month or by $85 per policy per month. Four out of five enrollees will be able find a plan for $10 or less/month after premium tax credits, and over 50% will be able to find a Silver plan for $10 or less.

More information on the background of premium tax credits and frequently asked questions is available here.

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