Health Insurance Blog

New Health Insurance Options Available With Passage of National Stimulus Package

Stimulus money

The stimulus package signed this month by President Biden offers new options for those who need health insurance.

According to the New York Times, if you buy your own insurance or have recently lost job-based coverage, the new bill expands the program to help you get coverage. 

Here is guidance on some of the highlights. 

– The legislation offers additional subsidies to lower the amount people pay for insurance bought on the Affordable Care Act marketplaces. If you already have a Marketplace plan, you can re-apply to get your current plan premiums further decreased with additional funding provided by the new stimulus package.  

– Now you can enroll into an insurance plan in the marketplace through a special enrollment period that runs now through mid-August, and that applies to the state marketplace exchanges as well. 

– Finally, as explained in the New York Times article, the changes under the stimulus bill make it worth considering switching insurance plans. 

Many Americans with higher incomes bought their insurance outside the marketplaces because they didn’t qualify for subsidies. Now with the new legislation, it allows higher-income people to get financial assistance when buying insurance if they sign up for a marketplace plan.

Keep in mind: Affordable Care Act plans cover a wider array of benefits than short-term plans, and they can’t deny your claims based on a pre-existing condition. They also cover preventive care at no additional cost, unlike most short-term coverage.

Kauffman Insurance Group can help you understand these options and give you assistance in selecting the right plan for you, your family, or your business. 

Call Kauffman Insurance Group at (866) 660-5578 to speak to a licensed agent.
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