A major insurance provider says the most recent stimulus bill makes it easier to purchase health care through the Affordable Care Act marketplace. Blue Cross Blue Shield Chief Healthcare Economist Mike Bertaut says lower monthly premiums and expanded income eligibility for financial assistance go into effect today.
“If you go onto the exchange yourself and reselect the plan you already have then the new pricing will take effect for you on May 1st,” said Bertaut.
Nationally it’s expected to reduce Obamacare premiums by about 600 dollars a year, but Bertaut said that average will be higher in Louisiana. If you don’t reapply for the savings now you’ll receive them as a tax credit on your return next year.
Previously individual plan subsidies were only available for those earning about 50,000 dollars a year or less, but Bertaut said that’s changed.
“Now they took away the cap and said you get to pay eight and a half percent of your magi at those higher income levels until that number runs into your premium,” said Bertaut.
Starting Thursday there’s another new addition: the feds will cover 100% of your COBRA costs. Bertaut said Employers are sending letters to those eligible.
“If I got involuntarily terminated sometime in the last 12 to 18 months, I could still be eligible to receive COBRA for zero dollars,” said Bertaut.
Open enrollment for the ACA marketplace has been extended through August 15th and you can do so at healthcare.gov.
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