President Biden signed the American Rescue Plan Act of 2021 into law March 11, 2021. One of the provisions of the law will lower premiums for most people who currently have a Marketplace health insurance plan and expand access to financial assistance starting April 1.
If you weren’t eligible for financial assistance before, you may qualify now. Premiums after tax credits will decrease, on average, by $50 per person per month. Four out of five enrollees will be able to find a health insurance plan for $10 or less per month after premium tax credits, and more than 50% will be able to find a Silver plan for $10 or less.
If you don’t currently have health insurance:
Due to COVID-19, you can enroll from now through Aug. 15, or anytime if you have certain life changes or qualify for Medicaid or CHIP.
Call your local health-certified Farm Bureau Insurance Agent or Farm Bureau Health Services at 888-294-4335 to enroll in a health insurance plan.
If you’re currently enrolled in a Marketplace plan:
Starting April 1, you can update your application and enrollment in order to get new eligibility results. You will need to reselect your current plan in order for the changes to take effect to reduce your premiums for the rest of the year.
Through Aug. 15, you can also change to a new plan for the rest of the year. However, keep in mind, when you change plans, the amount you’ve already paid toward meeting your prior plan’s deductible may be reset to zero, and you would need to start overpaying out of pocket expenses to meet the deductible on your new plan.
Call your local health-certified Farm Bureau Insurance Agent or Farm Bureau Health Services at 888-294-4335 for more information.