New Jersey: @GetCoveredNJ provides some (not all) answers on expanded #ACA subsidies under the #ARP

Thanks to Andrew Sprung for the heads up. Via Get Covered New Jersey:

The American Rescue Plan & Additional Financial Relief

The federal government recently passed a COVID-19 relief bill, the American Rescue Plan Act of 2021, which was signed into law by President Biden on March 11, 2021. The new law will reduce health insurance premiums by providing more financial help to eligible consumers who purchase a plan through Get Covered New Jersey. Get Covered New Jersey is working to implement the changes and update its system to ensure that New Jerseyans receive this relief as soon as possible.

More people than ever will qualify for financial help. If you did not qualify for financial help before because your income was too high, you may qualify under the federal changes. If you already receive financial help, you will likely be eligible for additional premium reductions. These new changes make coverage more affordable at many income levels.

During the COVID-19 pandemic, the State of New Jersey has remained focused on improving residents’ access to quality, affordable health insurance. The financial help available through this relief bill builds on the state’s efforts to provide access to health coverage for more New Jerseyans.

Here are more details on what you can expect:

  • Increases in financial help (Advance Premium Tax Credits or APTC) for all eligible consumers. The amount of financial help is based on household income just like before, but has increased at every income level. Families making less than 150% of the Federal Poverty Level (FPL) – or $19,140 a year for an individual or $39,300 for a family of four - will be eligible for near zero-dollar premiums under the new law.
     
  • New financial help for higher incomes. Previously, financial help was not available for households making more than $51,040 for an individual or $104,800 for a family of four. The new law ensures that no family spends more than 8.5% of their income on health insurance premiums. This means many individuals who previously did not qualify for financial help from the federal government may now see more affordable premiums.
     
  • Financial help for unemployed. Additional financial help may be available for anyone who has received unemployment benefits in 2021.

GetCoveredNJ will be working to ensure these new benefits are implemented in a timely manner. Check back to this page for updates. All enrolled consumers should be sure to read any notices sent by GetCoveredNJ.

American Rescue Plan Q&A

When will these new financial benefits start?

A: Get Covered New Jersey is working as quickly as possible so consumers can see these benefits in the near future. We will provide updates on our website in the coming weeks about when the benefits will be available. Current enrollees will be notified when the benefits are available and any action that needs to be taken to receive them.

Will I be able to change my health plan due to these changes?

A: Yes, you will be able to change your coverage based on any additional financial help you may receive.

How do I know if I qualify for more financial help?

A: Financial help is still based on your individual household income. The amount you and/or your family make yearly will determine how much financial help you will receive.

If I need coverage now, should I wait until the new financial help is available?

A: There are low cost plans available now and you can enroll through the COVID-19 Special Enrollment Period. If you need coverage, you should check out your options. Consumers will be provided information about how to obtain the new financial help once it is available.