President Biden signed a document called the American Rescue Plan Act (ARPA for short) that went into effect on March 11th and will allow consumers to receive additional help paying for their premiums. The act will also cap out the premium for health insurance plans to 8.5% of your modified adjusted gross household income. This is a very jargony way of saying that people that may not have initially qualified for tax credits could now qualify for substantial reductions in their premiums. There are some other pieces of the act, but these are the two big changes we have seen that are directly impacting our clients.
Example of how your income now plays a bigger role in determining your cost:
Navigating the marketplace and determining the best method to apply these tax credits is a lot easier with the help of a licensed agent. Call us to have an agent verify you are receiving the best rates and maximizing your tax credit under these new guidelines. There is no additional cost to you for using an agent, give us a call and let us make it easy.
Call us now: 503-828-1970
or see the rates for yourself below.