Due to a new law passed earlier this year, many people who buy health insurance through the Marketplace are now eligible for more savings and lower monthly premiums. In fact, 4 out of 5 who enroll in a health plan through HealthCare.gov can find a plan for $10 or less per month, with financial assistance.
The deadline to enroll for 2022 is Wednesday, December 15th.
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.
Reminder: Enroll by December 15 for coverage starting January 1, 2022.
If you have any questions or requests for future article topics, feel free to contact the government relations team at email@example.com.