How the American Rescue Plan may help you save on health coverage.
The American Rescue Plan was signed into law in March 2021. It is the first major expansion of health coverage benefits since the Affordable Care Act (ACA) was signed into law in March 2010.
The new law will lower the amount of premiums owed by many individuals who currently have an ACA Marketplace health plan, while offering consumers an opportunity to enroll in coverage that may be more affordable due to increased financial help. Even if you were not eligible in the past, you may qualify for savings now. We estimate that with the new law, nine out of 10 Anthem members with individual coverage will qualify to receive financial help to lower the cost of their health plan.¹
How financial help works
For those who are eligible for financial help to purchase an ACA Marketplace plan, the individual’s or family’s savings is primarily calculated based on the following factors:
Household's total expected income for the year
Total number of people in the household that file taxes together
The calculation limits the percentage of the household’s income spent on monthly health insurance premiums. This amount is based on how the household income compares to federal poverty levels.
Prior to the American Rescue Plan, households could have contributed up to 9.83% of their income to pay for health plan premiums before receiving financial help. Under the new law, families will not be required to contribute more than 8.5% of their family household income toward premiums for a benchmark plan.
Do not miss the opportunity to take advantage of these savings.
If you are a current Anthem member, we can help you take advantage of extra savings that may be available. We can also guide you in reviewing other Anthem plan options that may offer lower out-of-pocket costs.
Anthem is here to help you understand how the American Rescue Plan may benefit you, and how you can make the most of this additional savings opportunity.