Updated: Jul 22
More than 80.4 million Americans have filed for unemployment benefits since the start of the COVID outbreak and potentially have lost or will lose their employer sponsored health insurance. Unfortunately Cobra insurance costs over $7,000 per year for individual coverage and over $20,000 for family coverage. Cobra insurance provides comprehensive coverage but the premiums make it un-affordable for most individuals and families. If you or someone you know recently lost their job and can longer afford to pay their individual health insurance premiums, there are affordable health insurance options available through the Health Insurance Marketplace at Healthcare.gov. Also known as Obama Care insurance, you are only allowed to enroll in a Marketplace Insurance during the annual Open Enrollment Period which runs from November 1st thru December 15th. However, you may qualify for a Special Enrollment Period (SEP) if you or anyone in your household recently lost their employer sponsored coverage, lost their Medicaid eligibility or other qualifying life events.
Who Is Eligible to Enroll in Marketplace Insurance? If you are currently without coverage, losing coverage through work or losing your Medicaid eligibility, your could benefit from enrolling in a Marketplace insurance plan. If you household income is between 100% and 400% of the Federal Poverty Level, you may qualify for advanced premium tax credits (APTC) that lower your monthly premium for a Marketplace insurance plan. In addition, you may qualify for cost-sharing reduction (CSR) subsidies that lower your out-of-pocket expenses with a qualified healthcare Marketplace Plan.
American Rescue Plan
The American rescue plan was signed into law by Congress and President Biden in March 2021. This was the largest expansion of of the Affordable Care Act (ACA) since 2010 and BidenCare significantly expanded subsidies to those who qualified before and expanding subsidies to individuals who had never previously qualified.
In addition, a Special Enrollment Period (SEP) was opened, meaning anyone can enroll until August 15th without needing a qualifying life event.
I Currently Have a Marketplace Plan but can no longer Afford the Premiums? If you currently have a Marketplace Plan and can no longer afford your monthly health insurance premiums, you have options to help you during these stressful times.
New BidenCare Subsidies:
The majority of existing Obamacare consumers will see larger subsidies for their marketplace plans. Th American Rescue Plan increased the amount of premium subsidy for all households within 100% - 400% of the Federal Poverty Level (FPL), and extended subsidies to those above 400%.
The first step is to update your household income on your Health Insurance Marketplace account. If you are unemployed and are or will be receiving unemployment benefits, you can update you income to reflect this amount. By processing a Life Change to your application, you may qualify for advanced premium tax credits that will lower your monthly premiums on your Marketplace insurance plan.
How Do I Enroll or Update My Marketplace Plan?
As a Marketplace Circle of Champions Elite Plus Agent, Direct Insurance Solutions is a Certified Agency Partner of the Marketplace and many health insurance carriers and can help you enroll in less than 10 minutes at no cost to you. We will help you qualify for advanced premium tax credits (subsidies), shop the best coverage at the most affordable price. We have Bilingual Marketplace Certified Agents that specialize in Marketplace insurance coverage and make enrolling easy and simple. We provide a personalized Marketplace Insurance Plan recommendation based on several important factors:
Prescription Drugs: confirm with plan formulary that medications are covered, tier levels and out-of-pocket estimates
Primary Care Physician (PCP): confirm your PCP is in-network and applicable co-pays
Hospitals and Urgent Care Centers (UCC): confirm hospitals and UCC's that in-network to ensure convenient access
Budget: most importantly we ensure your Obamacare plan meets your family's monthly budget
Let us be your trusted Health Insurance Marketplace Agent this Special Enrollment Period.
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