This week on the blog, we will be looking at changes to Marketplace subsidies. Subsidies are confusing for a number of people since the qualification rules have changed. Since the rescue plan that was passed in March, pricing and benefits have changed too – if you meet the new criteria, you will be paying significantly less for Marketplace plans, and this is available through the end of 2022.
One of the services that I offer my clients is, if you already have a marketplace plan, I can assess your information and apply for the new benefits if you qualify. The best time to evaluate this is during open enrollment at the end of the year, however, we are able to apply it before the end of year open enrollment process by August 15th. This service that I offer is free to my clients.
I always encourage my clients to be sure they have the right coverage and that they are happy with their plans. Most times people are stuck with the plan they’ve picked until open enrollment, but there are times that I am able to assist you in changing the plan during the year. Changing your plan can be done to change your benefits or to change your deductible.
Also, if you’ve been on unemployment, this automatically qualifies you for a subsidy. Even if you have only received one week of unemployment, you will qualify for a bugger subsidy – some silver plans would be $0 premium in this case.
A change to the subsidies has been made regarding the income cap. The formula for the number of people in your household vs income is still in place, however, they have added that your insurance premiums cannot exceed eight and a half percent of your adjusted gross income. This means that if you thought you may not have qualified previously, you may actually qualify because of this. And if you have children, you almost certainly are going to qualify (unless you make a large income) because kids aren’t earning any money. Only your and your spouse’s (if applicable) income is used to calculate the formula.
In summary – the recent changes to Marketplace subsidies can save you money as many people now qualify for lower premiums. Contact me today to find out if this applies to you! Remember we can get this sorted before August 15th in order to avoid waiting until open enrollment at the end of the year.
Contact me on my website, www.jkappconsulting.com for more info!