Reminder: You May Qualify for Lower Premiums

With the passage of the American Rescue Plan, more Americans than ever before are qualifying for expanded health insurance subsidies. For many, this means more affordable health insurance. For others, it can mean being able to afford coverage for the first time.

So if you have a health insurance plan and have not applied for the new subsidies, you could be paying too much for your plan. In order to take advantage of the expanded subsidies, you need to talk to your Personal Benefits Manager.

Here’s everything you need to know:

Q: Do I Qualify for an Expanded Health Insurance Subsidy?

Under the new expanded subsidies, a lot of people have gained access to more affordable insurance plans. Even people who already qualified for subsidies can now get a bigger one. This means paying significantly less per month for health insurance.

If you do qualify for an expanded subsidy, then the savings will be automatically applied to your tax return next year, even if you  don’t take action. 

Your Personal Benefits Manager can tell you whether you qualify, and approximately how much you’ll be able to save. Use the link at the bottom of this newsletter to set an appointment.

Q: How Do I Get Lower Health Insurance Premiums Right Away?

For most people who qualify for an expanded subsidy, all of the monthly savings will be applied in the form of a tax credit on their next return. However, by updating your health insurance record, it’s possible to see the savings right away.

This is where we come in. If you’d like to check your subsidy amount and have it applied immediately, give us a call. We’ll help you update your record and see the savings much faster.

Q: How Much Money Can I Save Per Month?

In one recent case, a client of ours who already qualified for health insurance was able to save an additional $632 per month on their health insurance premium. While this amount would have been applied as a tax credit, the immediate savings meant more cash in-pocket to use for everyday expenses. 

Q: Do I Qualify for COVID Unemployment Health Insurance?

If you received an unemployment benefit check at any point in 2021, then you have an opportunity to enroll in a $0 premium plan. This means having zero monthly costs for your plan through the end of the year. And even better: Your new $0 premium will be retroactively applied to your tax return.

Even if you still have a health insurance plan, it’s still possible to enroll in a $0 premium plan. The only requirement is that you received at least one unemployment check during 2021, and that you enroll no later than August 15th.

Q: Is This a Good Time to Change Health Insurance Plans?

There are two primary reasons to change health insurance plans. You’re either looking for better rates, or better coverage. If you can no longer afford your current plan, or if you’re simply looking to save a few bucks, then switching plans is always a good idea.

Similarly, if your healthcare needs have changed, then it’s important to switch to a plan with the right coverage. In some cases, adjusting your monthly premium can have a big impact on out-of-pocket costs down the line.

The extended open enrollment ends on August 15th. After that date you  can only  change plans with  a January 1 effective date, unless you qualify for a Special Enrollment Period. 

We’re Here to Help – Call Your Personal Benefits Manager for a Free Consultation

If you qualify for an expanded health insurance subsidy, you do not have to do anything to receive it, as it will be calculated when  you file taxes next year. If you want to apply for those increased tax credits to be applied to your current premium, you may be able to do so at healthcare.gov. Your Personal Benefits Manager is happy to help. 

As always, our services are 100% free to you. 

Click here to schedule an appointment, or call 800-913-0172 to get started.    

To your health and wealth,

Wiley P. Long, III
President - HSA for America

The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.