Updates Regarding COVID-19 Stimulus Bill (2021)

Hello Valued Clients, 

As you may know, The American Rescue Plan Act was recently passed by congress and signed into law by President Biden. This bill includes changes to health insurance that will likely impact you and your family. There will be a Special Enrollment Period from April 1st- August 15th, 2021 that allows us to make the necessary updates to your marketplace application. It’s important to contact us before making any changes in order to consider all aspects of your continuous coverage (i.e., changes in deductible, out of pocket max).Please read this email carefully and contact us as soon as possible if you think you fall into any of these categories: 

1.    Do you currently receive a subsidy? The percentage of household income paid in premiums for a health plan will lower for ALL individuals eligible to purchase plans on the marketplace. This means most people will now qualify for higher subsidies for an even lower cost toward their monthly premium. Please contact us to assist you in making updates to your marketplace application.

2.    Were you previously ineligible for a marketplace subsidy? Premium subsidies are now available to people at higher income levels. This expanded eligibility for marketplace subsidies means you may be eligible to receive reduced monthly costs on your premium. Please contact us to assist you in making updates to your marketplace application. 

3.    Are you currently receiving unemployment pay from the state? You’re now eligible to opt into a $0/month marketplace Silver plan instead of Oregon Health Plan (OHP). 

4.    Are you currently on COBRA? If so, you’re eligible for 100% premium subsidies starting April 1, 2021, extending to September 30, 2021. These subsidies are not counted as income and will not affect your tax liability or other income-related benefits.

5.    Do you want to make changes to your current plan? There is a limited window of time to do so now without needing a qualifying event. This Special Enrollment Period only last until August 15th, 2021. 

These changes are retroactive to January 1st, 2021 and may impact your tax returns. Please consult with your tax advisor regarding how this may impact your taxes. While these changes are temporary and expected to last for 2021 and 2022, they could mean huge cost savings for you and your family. We are here to help you navigate these historic changes so please reach out to us! 

Warmly, 

ISNW Team