The recently passed American Rescue Plan includes updates that result in significant additional savings for Pennsylvanians shopping for marketplace health coverage and those already enrolled through Pennie.
How does the American Rescue Plan impact how much I will spend on health insurance?
The American Rescue Plan lowers health insurance premiums on Pennie. If you were previously eligible for financial assistance, like advance premium tax credits (APTC), to lower the cost of health coverage, you will be eligible for additional financial assistance to further reduce the cost of coverage. If you previously did not qualify for financial assistance because your income was too high, you will now qualify.
Note: Other eligibility criteria, like access to job-based coverage (ESI) that meets affordability standards, have not changed. Those with an offer of ESI that meets this criteria will continue to be ineligible for financial assistance through Pennie.
How long will my premiums remain lower due to the American Rescue Plan?
The reduced premiums under the American Rescue Plan are for all of 2021 and all of 2022 unless Congress extends or makes them permanent. You are eligible for the benefits under this law from the date in which your coverage through Pennie began, so enroll today if you haven’t already!
NOTE: Pennie’s systems have not yet been updated to reflect the changes under the American Rescue Plan. Pennie is working to get these changes implemented as soon as possible. Continue to check pennie.com to see when these changes will be implemented on Pennie.
When will I see the American Rescue Plan changes in my account?
Pennie is working diligently to ensure that Pennsylvanians have access to all of the financial assistance they are eligible for as soon as possible. Please continue to check back into your account on pennie.com over the next several weeks and months to see exactly what you are eligible for.
Hang tight, Pennie will be sure to let you know when these changes will be available in your account and what steps you need to take to receive them, if any.
A proposed COVID-19 relief package boosts income-based tax credits that lower the premiums for customers on the Affordable Care Act’s (ACA’s) exchanges, but only through 2022.
The House Ways and Means Committee shared details of several healthcare items to be considered as part of the $1.9 trillion package expected to be considered by Congress this month. In addition to the tax credit boost, the package would also give assistance to cover COBRA costs for consumers.
If signed into law, the bill would ensure that any household that has income 400% above the federal poverty level and higher only pays 8.5% of their income on healthcare. Under current law, consumers making above 400% are not eligible for premium tax credits.
