These increased subsidies are set to extend through 2022, giving a lot of people an opportunity to stay protected while they recover from this ongoing health crisis.
Here’s what you need to know about the health insurance changes that went into effect on April 1st:
Key points: COVID unemployment health insurance benefits
- If you received an unemployment insurance benefit during any week of 2021, you can now enroll in a $0 premium health plan, including most Bronze-tier plans and some Silver-tier plans.
- These subsidy increases will expire after 2022, so it’s important to act fast.
- You have until August 15th to enroll in health insurance for 2021, but with $0 premiums, it’s a good idea to get covered right away
Why choose HSA for America for low-cost health insurance?
Our in-house experts are here to help you find the health insurance plan that you need. As a client of HSA for America, you will be paired with a Personal Benefits Manager to advise you every step of the way, without charging you a dime.
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Q: How do the new ACA subsidies for unemployment work?
Under the new legislation which went into effect on April 1st, 2021, the ACA Premium Tax Credit (PTC, or “subsidy”) is being expanded. One of the primary targets of this expansion is individuals and families who have recently received an unemployment check. This is a group of people who might otherwise fall into the “Medicaid Coverage Gap”.
Here’s how it works: Anyone who has received unemployment in any week of 2021 will have their counted income capped at 133% FPL. This makes it possible to secure a $0 premium plan on the Marketplace, no matter how much you normally earn.
Do I qualify for unemployment health insurance benefits?
Under the American Rescue Act, you qualify for an expanded health insurance subsidy if you received an unemployment benefit during any week of 2021. This subsidy will make it possible to qualify for a $0 premium plan for you or your family.
This benefit has a retroactive start date of Jan. 1, 2021, and extends through the end of 2022.
Q: I need health insurance but I have no income; What kind of $0 premium plan can I get?
Under the new regulations, most Bronze-tier plans and two of the lower-priced Silver-tier plans will be available with $0 premiums for individuals who received an unemployment benefit.
However, only the Silver-tier plans are eligible for additional cost-sharing reductions. This means that in addition to a $0 premium, it’s possible to find a plan with lower deductibles, copays, and coinsurance.
For example, a regular out-of-pocket maximum for a Silver-tier plan is $8,550. But with a cost-sharing subsidy that’s not available for Bronze plans, that number drops to $2,850.
When all is said and done, this makes subsidized Silver-tier plans even more robust than some Platinum plans.
Q: How do I sign up for unemployment health insurance benefits?
If you still need health insurance for 2021 and you have received an unemployment benefit, here’s how to get started:
- Click here to visit the HSA for America Health Insurance Portal.
- Put your zip code and basic info into the box, then click ‘See plans and prices’.
- You will then be asked to input information used to determine your rates, including age, income, and spouses / dependents.
- The next screen will show you the plans that are available in your area.
- Choose a plan and sign up. It should go into effect on the first day of the next month.
If you’re having trouble choosing a plan, don’t hesitate to reach out to us. We’ll get you connected with a Personal Benefits Manager that handles your state. Call today or click here to schedule a free personal consultation.
Let HSA for America be your personal financial advisor
When you sign up for a health insurance plan through HSA for America, you’re not only getting the low-cost coverage that you need. You’re also getting your very own Personal Benefits Manager. This is an experienced expert who will guide you every step of the way, advising you for as long as you have your plan.
If you’re ready to get started, click here to compare plans.
If you have questions about the enrollment process, plan types, or anything else, give us a call. You can reach us directly at 800-913-0172.
Here are some additional articles on the new health insurance rules for 2021-2022: Health Insurance Changes Starting April 1? | Health Insurance Open Enrollment Extended for 2021
Wiley is President of HSA for America. He believes that consumers should have choice and price transparency, so they can make the best healthcare decisions for their needs. Read more about Wiley on his Bio page.