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Save Money: The American Rescue Plan Includes More People, Lower Premiums

Could you save money on your health plan?

Changes to the Affordable Care Act (ACA) could mean big savings for you and your family. Recently, the federal government passed the American Rescue Plan to combat the COVID-19 public health crisis.

The American Rescue Plan changes the size and availability of advance premium tax credits (APTC) on the Health Insurance Marketplace.

What does this mean?

Affordable Care Act plan members will pay less for coverage. If you make less than 400% of the federal poverty line (FPL), you qualify for a reduced monthly premium.

Financial assistance is available to higher income people. If you make more than 400% of the FPL, you may be eligible for APTC. The maximum anyone pays for a benchmark plan is 8.5% of their income. You could save hundreds of dollars each month.

For two clients of Konecny Insurance Service in Stuttgart, Ark., the savings under the American Rescue Plan have been tremendous.

Terri Sheiderer, an agent at the insurance office, said one self-employed couple switched from a grandfathered (long-term) health plan and went from paying premiums of $4,100 a month to $700 a month.

Another saved more than $20,000 a year by switching. Scheiderer encouraged people on individual health plans to visit with their health coverage agent or broker or stop by an ArkansasBlue welcome center during this special enrollment period.

“The information is free,” Sheiderer said. “You need to make an educated decision.”

Do you qualify for financial assistance?

Call 855-625-0376 to talk with one of our health insurance experts.

To make changes to your current plan, you’ll need to act soon. The current ACA Special Enrollment Period ends August 15. Contact us today. We’ll help you find out if you qualify for financial assistance!

Arkansas Blue Cross and Blue Shield’s Samantha Skyrme explains the American Rescue Plan on a recent appearance on KATV’s “Good Morning Arkansas”.

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