Are you currently uninsured or are you paying too much for your health insurance on the individual market?

Under the American Rescue Plan, you may be eligible for less expensive health insurance options under the Affordable Care Act (ACA).

The deadline to apply for coverage during the 2021 special enrollment period is August 15^th.

How Does the American Rescue Plan Impact Health Coverage?

Among the many provisions included in the plan, this new law increases the premium subsidy amounts available under the Affordable Care Act (ACA) for the rest of 2021 and for all of 2022.

Also, for the rest of 2021 and for all of 2022, the Rescue Plan allows individuals with incomes above 400% of the Federal Poverty Level (FPL) to access a premium subsidy.

What Does This Mean for REALTORS^®?

If a REALTOR^® purchases an “individual” market health plan through Healthcare.gov, this REALTOR^® will be eligible to receive a bigger government subsidy to cover the cost of their plan.

In addition, this new change in the law will lower the percentage of income an individual must pay at lower income levels. For example, if a REALTOR^®’s income is between 133% and 150% of the Federal Poverty Level (FPL), the cost of an exchange plan will be $0 (compared to current law, which requires payment of 2% to 4% of your income).

The American Rescue Plan also eliminates the income limit for accessing a premium subsidy under the ACA. Now, REALTORS^® with incomes above 400% of FPL may be eligible for a premium subsidy to help cover the cost of an exchange plan.

To find out how much you may be able to save, go to Healthcare.gov.

Are You Currently Uninsured?

If you currently do NOT have any type of health insurance coverage–and you or your spouse are NOT offered an affordable/minimum value plan by an employer–you will likely be eligible for a premium subsidy if you purchase an “individual” market plan through Healthcare.gov in accordance with a “special enrollment period.” Learn more about the “special enrollment periods” for Healthcare.gov and enroll.

Are You Currently Covered by an Unsubsidized “Individual” Market Plan?

If your income is above 400% of FPL and you are currently covered by an “individual” market plan that you purchased without a premium subsidy, you will be eligible for a premium subsidy if you purchase an “individual” market plan through Healthcare.gov in accordance with a “special enrollment period.” However, you must first contact your current insurance company and inform the company that you want to terminate your existing coverage. Once you terminate your coverage, you may enroll through Healthcare.gov.

Check out your options before the August 15 deadline!