I’m sure most of you, if not all of you, know about the COVID-19 Special Enrollment that started in February. Well, they also just signed the American Rescue Plan (ARP) on March 11. Basically, this is giving the opportunity for higher-income households to be eligible for a premium tax credit, and lower-income households will receive an additional premium tax credit amount. This is going to be AWESOME for those with a lower income. This takes effect on April 1 and it will change your bills starting May 1.
A single individual (no spouse or dependents) with an annual income between $12,880 and $19,320 (between 100% and 150% FPL) can qualify for $0 premium and $0 deductible plans!!
If you had an ACA plan before this change, you MUST resubmit your application to get the additional premium tax credit amount.
If you had an ACA plan before this took effect, they are going to reimburse you on your tax return next year, partial amounts of the premiums you paid in January through April. For example, if your premium was $20 before, and in May, it lowers to $0, you’ll receive an extra $80 on your tax refund next year. If you do not resubmit your application, you will continue to pay the amount you are paying currently, but they will reimburse you on your tax refund next year for the months that you were covered.
If anyone has any questions or needs help picking out a Marketplace plan message me!
submitted by /u/lord2turnt
[link] [comments]
I’m sure most of you, if not all of you, know about the COVID-19 Special Enrollment that started in February. Well, they also just signed the American Rescue Plan (ARP) on March 11. Basically, this is giving the opportunity for higher-income households to be eligible for a premium tax credit, and lower-income households will receive an additional premium tax credit amount. This is going to be AWESOME for those with a lower income. This takes effect on April 1 and it will change your bills starting May 1. A single individual (no spouse or dependents) with an annual income between $12,880 and $19,320 (between 100% and 150% FPL) can qualify for $0 premium and $0 deductible plans!! If you had an ACA plan before this change, you MUST resubmit your application to get the additional premium tax credit amount. If you had an ACA plan before this took effect, they are going to reimburse you on your tax return next year, partial amounts of the premiums you paid in January through April. For example, if your premium was $20 before, and in May, it lowers to $0, you’ll receive an extra $80 on your tax refund next year. If you do not resubmit your application, you will continue to pay the amount you are paying currently, but they will reimburse you on your tax refund next year for the months that you were covered. If anyone has any questions or needs help picking out a Marketplace plan message me!
submitted by /u/lord2turnt [link] [comments]Read Morer/HealthInsurance