Colorado: @C4HCO issues statement re. expanded #ACA subsidies under the #ARP
I actually posted this a couple of weeks ago, but am reposting it as a standalone entry for clarity. Via Connect for Health Colorado:
American Rescue Plan Makes Health Insurance More Affordable for More Coloradans Shopping through the Exchange
DENVER — Yesterday afternoon, President Biden signed the American Rescue Plan Act of 2021(American Rescue Plan) into law. Connect for Heath Colorado® Chief Executive Officer, Kevin Patterson, released the following statement in response to provisions which strengthen the Affordable Care Act and increase affordability:
“We are thrilled and getting ready to implement the health coverage provisions outlined in this law. This expansion of financial help will provide greater access to savings on the health plans we offer. This means more affordable health insurance for many more Coloradans.”
The American Rescue Plan removes the 400 percent poverty level income cap to receive Advance Premium Tax Credits. It also updates the financial help calculation so that Coloradans will not pay more than 8.5 percent of their income on premiums based on the cost of the second-lowest-cost Silver plan in their area (also called the “benchmark plan”). As a result, Connect for Health Colorado customers will see an average savings of 49 percent or $56.30 on their monthly premium.
Connect for Health Colorado will develop an implementation plan for the portions of the law which impact Colorado consumers seeking health insurance through our Exchange. We will share more regarding how Coloradans can obtain the savings outlined in the law in the coming months. The financial help changes are in effect through calendar year 2022. Connect for Health Colorado is the only place where Coloradans can get financial assistance for health insurance.