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Frequently Asked Questions about the American Rescue Plan and the ACA Marketplace

The American Rescue Plan offers increased savings and lower costs for many people who buy health insurance directly through the ACA Marketplace.

Consumers enrolling in ACA Marketplace coverage through getcoveredillinois.gov and HealthCare.gov are eligible to receive increased tax credits to reduce their insurance premiums. These increased tax credits will continue through the end of 2022.

 

What is the law called the American Rescue Plan and how does it relate to the ACA Health Insurance Marketplace?

President Biden signed the American Rescue Plan Act of 2021 (ARP) into law on March 11, 2021. The $1.9 trillion economic stimulus bill builds upon many of the measures of the CARES Act and gives more people access to affordable health insurance through the ACA Marketplace by increasing eligibility for financial assistance to help pay for coverage.

 

The ARP lowered premiums for many people who have an ACA Marketplace plan and expanded access to financial assistance for more people. Under the ARP, you may be eligible for a temporary increase in premium tax credits (PTC) for this year, with no one paying more than 8.5% of their household income towards the cost of a benchmark plan.

When will I be able to get the financial assistance under the ARP?

Consumers enrolling in the ACA Marketplace through getcoveredillinois.gov and Healthcare.gov can take advantage of the increased savings and lower costs from premium tax credits. If you already have an ACA Marketplace, you’re also eligible to receive the increased tax credits to reduce your premiums. The premium tax credits will continue through the end of 2022.

How is the Premium Tax Credit (PTC) calculated?

The tax credit calculation uses a percentage of a household’s income that needs to be contributed on a monthly health insurance premium. This amount is limited based on how their household income compares to federal poverty levels (FPL). Under the American Rescue Plan, individuals and families may be eligible for a temporary increase in premium tax credits (PTC), with no one paying more than 8.5% of their household income towards the cost of a benchmark plan.

How will these changes affect people who are currently receiving unemployment compensation?

The ARP provisions for Illinoisans who received unemployment compensation will end December 31, 2021.

How does the American Rescue Plan address racial health inequities?

Increased affordability and health insurance coverage expansion will allow historically uninsured communities – especially those who have faced significant health disparities – to access coverage, thereby improving opportunities for health care during and beyond the COVID-19 pandemic.

For more information about the American Rescue Plan and the ACA Marketplace, visit https://www.healthcare.gov/more-savings/.

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