Reductions to Marketplace Health Insurance Premiums
If you are enrolled in a health insurance plan through the Federal Health Insurance Marketplace, below you will find some money-saving information in the form of lower premiums.
As part of President Biden’s American Rescue Plan introduced in March 2021, health insurance subsidies which are available through the Marketplace have been increased effective May 1, 2021. This means you should see a decrease in the cost of your health insurance at tax time next year...or you can update your plan and receive it now.
If you do not have an Insurance plan - you have till August 15th to apply for one at reduced rates - depending on income (which has been increased, making more people eligible.
If you currently have a Marketplace plan, you can log onto your Marketplace account and submit a “Life Change” which
will allow you to trigger a new subsidy limit, reducing your monthly health insurance premium. It’s that simple. Best to use your broker to help you through the application as it can be confusing and you don't want to mess something else up on the process.
Here are some simple steps if you want to try it own your own: Log onto your Marketplace account, you should see your “2021 Application” on the landing page. Click on “2021 Application”. On the next screen, you will see “Report a Life Change” on the left side of the screen. Click on this. On the next screen, you will see “What kind of changes should I report?”. Scroll down to the bottom of the page and click on “Report a Life Change”. On the next screen, you will see “Report a change in my household's income, size, address, or other information”. Click the radio button and you will be taken to the online application.
From there, page through the application, sign and submit. When you are at the end of application, you will see the “Eligibility Result” showing your new subsidy amount. You can confirm your plan choice, after which you will see your new monthly premium. Confirm your plan choice and you are done!
The subsidy reduction will begin the first of the next month. The decrease in subsidy will be available until the
end of the year. You can also wait and get the adjustment at tax time, in your taxes if you submit the proper paperwork.
If you are working with an agent give them a call for assistance or you can contact Insurance Made Easy, If you don’t have an agent, I would love to be YOUR FRIEND IN THE INSURANCE BUSINESS. Call 503-314-9848 for Kyla, or email WiseEndeavors@comcast.net.