Under the American Rescue Plan signed into law by President Biden earlier this year, people who buy their health insurance from the Healthcare.gov Marketplace are eligible to receive increased tax credits towards their health insurance beginning April 1st, 2021 as a response to the ongoing COVID-19 and 21 Pandemic!
If you have received any unemployment compensation through the year of 2021 or were eligible to receive it, you will also be able to access another increase in savings starting July 16th going through August 15th! If you enrolled through a state-based marketplace should check your state’s website or talk to their insurance agent to find out about if and how the American Rescue Plan will be implemented in their state—and when that state’s enrollment period will be!
If you are unhappy with your coverage so far through the year of 2021 this can be your opportunity to change your coverage! This can also be an opportunity to help save some money during these unsure times in a pandemic! Don’t hesitate to ask your insurance agent for help, and hurry before time runs out!
During these scary times it becomes imperative to save your business and your employees money on healthcare, and just finding an adequate health plan for your business is half the battle! When you are a small business owner you may become a bit overwhelmed with the choices that you have when it comes to health insurance plans for your business, but all you really have to know from the get-go is: Does my business need a Fully-Insured Healthcare Policy, or a Self-Funded Healthcare Plan?
these are usually cheaper than a fully-insured plan—and I should add: Cheaper while within optimal conditions! If your Self-Funded plan has a lot of claims and high administrative overhead it might be more than a Fully-Insured plan, but in the end a Self-Funded plan usually comes out to be cheaper!
If you are buying Health Insurance it is good to have certain pieces of information beyond your personal information at your fingertips—doing so will make your health insurance buying experience a bit better and will help you paint a better picture as to what you need to get!
During Open Enrollment you may have quite a few questions about the process and what can be done during this period of time! There are a few common questions that I have heard each year that I wanted to share and go over so you have a better idea of how everything works!
you with a 6 week window during the year to enroll in health insurance! If you do not enroll during this time you will have to go without until you have a “qualifying life event”, like giving birth to a child or getting a new job! Open Enrollment is a very important time of the year, and it should not be overlooked—even if you have insurance, and especially if you do not, Open Enrollment is a great time to take care of any issues you have with your insurance coverage (Or lack thereof)!
With the changes to healthcare requirements in 2020, we will start to see a larger amount of people who will be going without health insurance since new changes in the law say that there will no longer be a penalty for not having insurance!
your agent about what you can do if you find yourself without health insurance coverage—especially during Open Enrollment, which is happening right now! Financial ruin due to untimely medical issues can be a thing of the past if you set up and keep health insurance coverage for yourself!
Shopping for health insurance can be overwhelming and with the new changes that come each year it can feel like you’re in over your head! Just like last year, 2020 will have some changes that may affect your insurance decision—and it’s always best to know what you are getting into beforehand!
Better business Bureau ®