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What health insurance agents need to know about the American Rescue Plan

Now is a great time to touch base with your clients and let them know about the potential for savings under the American Rescue Plan. The American Rescue Plan which was signed into law last month gives ACA agents and brokers a unique opportunity to enroll new and existing clients in more affordable coverage without a qualifying life event. So what does this mean for your clients that are in the market for health insurance? Now is the time to buy.

Here is what health insurance agents should be looking out for:

1. Reach out to your clients

Get in touch base and make sure they are aware of the American Rescue program that gives Americans until August 15th to sign up for plans and offers potential for savings.

2. Know if your clients qualify for advanced premium tax credits (APTC).

Which will significantly improve their premium affordability. Households with income between 100 — 400% FPL qualify for cost-sharing reductions (CSR). This is great news for your clients who qualify as this will lower the health plan’s out-of-pocket costs such as deductibles, coinsurance, and copayments. Your clients who are within 100 – 150% FPL are eligible for a $0 premium silver plan with substantial cost-sharing reductions that lower deductibles (source).

3. Know the effective roll-out dates:

  • The American Rescue Plan subsidy changes went into effect on 4/1/21 and the additional unemployment eligibility for $0 Silver premium plans will be rolled out in July.
  • When your clients file their taxes in 2022, their additional premium tax credit amount will be reconciled when they file their 2021 taxes.
  • If some of your enrolled clients are receiving unemployment compensation, extra tax credits will be available starting this summer. CMS recommends that your enrolled clients update their applications after April 1 to receive updated tax credits and then wait for more information in the summer as the additional savings from the bill become available.
  • After extra subsidies become available on 4/1/21, your clients who are currently enrolled in a Marketplace plan will need to update their applications and enrollments to get new eligibility results and a reduction in premiums. This also applies to clients who want to stick with their current coverage: Log in and update your sale and client information in the Agent Resource Center (ARC)

This summer is the perfect time to capitalize and leverage the benefits and savings that millions of Americans are receiving under the American Rescue Plan. Contact an Account Executive to help you make the most of this opportunity and increase your sales: 1-800-806-2527.

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