Save Money on ACA Insurance with American Rescue Plan Act

This is not art related but I realize that many artists and entrepreneurs are self employed and/or have jobs that do not provide health insurance. I just hung up from a phone call that saved me about $200 a month on health insurance.

Starting April 1, 2021, more people will be eligible for more help through Healthcare.gov. I already had a medical and dental plan through the website and was receiving a partial subsidy. The price I was paying had tripled from the year before and I wanted to check if I was eligible for additional assistance.

The system WILL NOT automatically adjust your payments if you are eligible for more assistance.

The website did not offer any direction in how to apply for additional premium subsidies. I called the number they provided and a nice, helpful, and patient representative assisted me through the process of finding out if I qualified for more under the new guidelines. She stated that it needs to be filed under a life change and walked me through the application. She made it easy and quick. I would imagine that you can click on “Report Life Change” in your account and do it yourself. If you do not currently have insurance through healthcare.gov, then applying as a first time applicant should work.

More information on the Act: HealthAffairs.org

Short summary of how the website works: sign up for an account, enter information about your income, married/single, any dependents, any disabilities or conditions that affect your ability to work; The system checks for your eligibility, including if Medicaid is the appropriate option. Every state is different because some have different guidelines and some have expanded Medicaid under the ACA and some did not. At the end of the year, they send you a statement that has to be entered into your tax forms. If your actual income was significantly different than your anticipated income, your taxes may be affected. There is a cap to how much extra can be added to your tax bill.

I have described my experiences with the program. Please consult the website, contact the office, and/or talk to your tax/legal representative for full advice on your situation.