Additional information about the American Rescue Plan Act for Marketplace clients
As we communicated in the March issue of Agent eNews, your clients who purchase an individual or family plan on the Health Insurance Marketplace (Federally-facilitated Exchange) will see increased premium subsidies due to the passing of the American Rescue Plan Act.
Here is some additional information you may find helpful.
- If your clients choose a different plan offered by Security Health Plan the money they have already paid toward their deductible this year will be applied to their new plan in the following scenarios:
- If they are currently enrolled in a Marketplace plan from Security Health Plan and choose a different plan offered by Security Health Plan. This is not unique to this situation – this is always the case.
- If they are currently enrolled in a plan from Security Health Plan, regardless of whether they are enrolled on the Marketplace or not, and they enroll in a different plan offered by Security – again, either on the Marketplace or not.
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If your client is enrolled in a plan from Security Health Plan, either on the Marketplace or not, and they choose a plan from a different insurance provider, their deductible will not carry over to their new plan.
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If your client is enrolled in a plan from a different insurance provider and they enroll in a plan from Security Health Plan, their deductible will not carry over to their new plan.
In addition, earlier this week President Joe Biden extended the Special Enrollment Period (SEP) through Aug. 15, 2021. The Centers for Medicare & Medicaid Services (CMS) has provided updated technical guidance on this SEP.
In addition, beginning in early July on HealthCare.gov, consumers who have received or have been determined eligible to receive unemployment compensation for any week during 2021 may be able to get another increase in savings when enrolling in new Marketplace coverage or updating their existing Marketplace application and enrollment. These savings, to be made available starting in early July for eligible consumers, are in addition to the increased savings available to consumers on HealthCare.gov starting April 1.
More information on these topics can be found here.
