Coronavirus Relief Package Offers New Health Insurance Options For Maine Residents

aca health insurance premiums chart - new coronavirus health insurance coverage option bethel maine

Do you buy your own health insurance?
Are you uninsured?
Have you recently lost coverage?
Are you collecting unemployment benefits?

If you can answer Yes to any of these questions, the stimulus package signed by President Biden on March 11th, 2021 created new health insurance options for you.

"I need insurance, and I am collecting unemployment insurance benefits."
You can qualify for a free silver plan with a deductible and co-payments adjusted for your income.

"I currently buy Obamacare insurance."
Your subsidy will probably increase, and your premium will probably decrease. The change is retroactive to Jan 1st, so you'll receive some refund of premium already paid. To get an approximate sense of how much your premiums will decrease, take a look at the charts below. (CHARTS ARE ATTACHED) We will update these as we get more information, and of course your mileage may vary. If you have a low income (under $19k for an individual or under $39k for a family of four), subsidies will now cover enough to give you a free silver plan with extra benefits that lower your co-payments and deductibles.

"I didn't buy a plan this year, or I bought a short-term plan, a health-sharing ministry plan, or my own insurance outside of"
The changes under the stimulus bill make it worth considering enrolling in a Marketplace plan. Expanded subsidies may make such plans affordable now. Short Term plans have potentially disastrous coverage limitations like exclusions for pre-existing conditions that you didn’t think were pre-existing conditions. Health-Sharing Ministry plans are not truly insurance plans. And if you bought coverage Off-Exchange from an insurer that offers On-Exchange Plans, you can only get the subsidy if you switch your enrollment to On-Exchange. If you earn more than 400 percent of the federal poverty level — about $51,000 for a single person or $105,000 for a family of four — for the first time you will qualify for help buying insurance. You must make the switch by May 15th.

What's Next:
Each year there is an open enrollment period from November 1st to December 15th. This year there is a Special Enrollment Period that lasts until May 15th. Book an appointment here and we'll help you review your coverage options, apply for and enroll in a plan. With the increased subsidies, plans that may have not been affordable in the past may be affordable now.