ACA: Changes That Improve the Affordable Care Act.

President Biden recently authorized a $1.9 trillion COVID-19 relief package, which included a multitude of significant changes to the Affordable Care Act. These changes are set to improve access and affordability of health insurance coverage for millions of Americans. But do you know what they are and how they affect you? In this blog post, we’ll break down the most important updates to the ACA and explain what they mean for you.

Temporary Changes
– Increased subsidies: The relief package includes larger tax credits to help people afford health insurance through the ACA marketplaces. These increased subsidies will be available for two years, from 2021 to 2022.
– Lower premiums: The increased subsidies will lower premiums for many people who buy health insurance through the marketplaces. The average premium for a benchmark plan is expected to decrease by $50 per month in 2021.
– Expanded eligibility: The relief package also expands eligibility for ACA subsidies to people who were previously ineligible. This includes people with incomes above 400% of the federal poverty level.

Permanent Changes
– Elimination of the penalty for not having health insurance: The individual mandate, which required most Americans to have health insurance or pay a penalty, was eliminated in 2019. The relief package makes this change permanent.
– Creation of a new public health insurance option: The relief package creates a new public health insurance option that will be available in all states. This option will be similar to Medicaid, but it will be available to people with incomes above the Medicaid eligibility level.
– Expansion of Medicaid: The relief package provides funding to help states expand Medicaid to cover people with incomes up to 138% of the federal poverty level. This expansion will be available to all states, but it is optional for states to participate.

What these changes mean for you
The changes to the ACA included in the COVID-19 relief package are a major victory for consumers. These changes will make health insurance more affordable and accessible for millions of Americans.

If you’re uninsured, now is the time to get covered. The increased subsidies and lower premiums make it easier than ever to afford health insurance through the ACA marketplaces.

If you’re already enrolled in ACA coverage, you may see your premiums decrease in 2021. You may also be eligible for additional subsidies.

The changes to the ACA are a significant step forward in the effort to make health insurance more affordable and accessible for all Americans. If you have any questions about the changes, or if you need help enrolling in coverage, please contact a licensed agent.