The American Rescue Plan (ARP) Act was signed into law on March 11, 2021. This COVID-19 relief bill included the first major exansion of the ACA since its origination in 2010.
Under the new law, many people who buy their own health insurance directly through the Marketplace will become eligible to receive increased financial help. This means that you may get more, or be newly eligible to receive, tax credits which help to reduce your monthly premiums.
Premiums after tax credits will decrease, on average, by about $50 per person per month. Four out of five Marketplace enrollees will be able to find a plan for $10 or less a month with premium tax credits, and over half will be able to find a Silver plan for $10 or less with tax credits (CMS.gov1).
Scenarios vary, so please update your application to determine your exact savings if you’re already a Marketplace enrollee. If you didn’t enroll through the Marketplace, call Highmark today.
Prior to the American Rescue Plan, she would be paying an estimated $66 a month for the benchmark plan — but with the new changes, she pays $0 a month.
Before, they would be paying an estimated $2,400 a month for the benchmark plan — but now will pay $550.
To see what your savings would be, call a trusted Highmark advisor today at 855-329-1759 and they can guide you through the application process.
Click on one of the questions below to see the answer
Current Highmark members who buy their own health insurance directly through the Marketplace can easily update their
application online or call a trusted Highmark advisor at 855-329-1759 in order to see how much you could save, or if you’re newly eligible for tax
credits. Enrollees who take action now can potentially see savings on next month's premium.
Our Highmark advisors are here to guide you through every step of the process. Call 855-329-1759 Monday through Friday between 9 a.m. - 7 p.m. and Saturday 9 a.m. – 2 p.m., if have any questions or if you'd prefer to update your application with an advisor over the phone.
Those who enrolled in Marketplace plans prior to April 1, 2021 have the choice of waiting until they file their 2021 taxes next year to receive any additional premium tax credit amount. However, it's recommended that all enrollees update their application as soon as possible to take advantage of the increased financial assistance this year.
No. Enrollees must take action to update their application in order to receive increased financial help this year.
We encourage current or prospective Highmark members who did not purchase their plan through the Marketplace to call one of our licensed Highmark advisors as soon as possible. They can help guide you through the process of submitting a new application.
If you don’t enroll in a plan directly through the Marketplace before August 15, 2021, you will not be eligible to receive financial assistance this year. After August 15, you will only be able to enroll in a Marketplace plan if you have a qualifying life event that qualifies you for a Special Enrollment Period (SEP). Should you change your mind after August 15 and not qualify for an SEP, plan changes can be made during the 2022 Open Enrollment Period (OEP), which begins on November 1, 2021, for coverage beginning January 1, 2022.
From now until August 15, 2021, consumers have access to an enrollment period without having a qualifying life event that allows them to enroll in an ACA individual or family plan. By calling a licensed Highmark advisor at 855-329-1759 or going online to healthcare.gov you can review available Highmark plans and find out how much you may be eligible to save on monthly premiums. ARP has recently expanded how much you may be able to save, so if you have checked before April 1, 2021, it may be a good idea to check again.
An individual or family's tax credit amount is calculated based on the following factors:
This is to prevent any member or household from paying more than a certain percentage of their income on health insurance coverage. These percentages differ based on income and are limited based on how their household income compares to the Federal Poverty Level (FPL).
A benchmark plan is the second-lowest cost Silver plan available on the Marketplace in a given area. The price of this plan is used to calculate premium subsidies.
ACA plans are organized by metal levels. When signing up for a plan, you can choose how you want to split up your costs with your insurer. Silver plans include moderate premiums and out-of-pocket costs. Note, the quality of care is the same for every metal level.
If you are a current Highmark ACA Individual or Family plan contract holder and switch between Highmark plans during the 2021 benefit year, the accumulation toward your out-of-pocket maximum will be carried over as long as the new plan is within the same product as the original plan. For example, a member switching from one my Direct Blue EPO plan to another my Direct Blue EPO plan would have their accumulations carried over.