President Joe Biden said in his first State of the Union address on Wednesday 28 of April that since the registration window in the insurance markets was extended, 800, 000 New beneficiaries enrolled and acquired medical plans on the federal platform.
Shortly after taking office, Biden announced that he was going to extend the enrollment window of the federal insurance market, first it was until the 15 May and then until 15 August, so that people who had lost their coverage due to being unemployed due to the covid pandemic – 19 could purchase health plans. The goal is being met: now you can have a cheap medical plan, and even free.
Who are the new enrollees? Most importantly, how the new rules have helped thousands get quality health care at affordable prices.
Biden’s number was ahead of the official announcement. The latest report from the Centers for Medicare and Medicaid Services (CMS), which oversees the federal insurance market, covered from 15 from February to 31 March, and reported that 528, 005 people had selected plans on this platform.
This indicates that April marked a high number of registrations : 291, 995, which brings the number of new insured to 800, 000 mentioned by Biden in his speech.
From the figure of the last official report, about a 85% of consumers were eligible to purchase a health plan and around 15% were eligible for the Medicaid and CHIP programs.
The ages with the highest number of enrollees range from 18 until the 30 years, and the 50 to the 65 (the moment when the vast majority of people already qualify for Medicare)
The report focused on the federal market indicates that in that period of 15 February to 31 in March, more than 1.5 million calls were received at consumer service centers; and the line in Spanish answered 207, 660 calls.
A number of 391, 364 used the federal marketplace site in Spanish, health care.gov, of which 21, 486 acquired a medical plan.
Of the 30 states that use the federal platform, Florida has the highest number of new people with health insurance: 146, 250 (more than double that in the same period of 2020). Texas had 098, 85; Georgia, 32, 098; and North Carolina, 32, 577.
Compared to 2020 , all the states that use the federal platform doubled, tripled and even quadrupled the number of new beneficiaries of medical plans with the enrollment extension established by the Biden administration.
To this must be added the thousands of registrants in the state health markets who use their own registration platforms, which are 14 in addition to the District of Columbia. All joined the extension of the administration and expanded their enrollment windows.
Biden’s big change: more subsidies
Generally, a person can only enroll in an individual health plan during the Open Enrollment Period (OEP) of the insurance markets, which begins each year on 1 November, and ends two months later.
The first thing the president did was extend the enrollment date to have more time to educate people about this option (has allocated millions for campaigns and to rehire browsers, which help the most vulnerable to enroll), and so that there would be a greater margin to purchase health insurance.
The second, Biden delivered on what was a campaign promise: expand subsidies to help more people pay their premiums (what the health plan costs per month).
Under the Affordable Care Act or ACA (ta Also popularly known as Obamacare), the subsidy received by an individual or a family must be adjusted based on the household income, and must be an amount that ensures that the person does not spend more than a certain percentage of their income on their health coverage.
What Biden promoted was to reduce this percentage, to increase the size of the subsidy.
These changes are allowing upper-middle-income Americans to also be eligible for financial assistance to purchase plans on the federal marketplace or marketplace.
With political skill, Biden presented this measure as part of an action to relieve families who are suffering financially from covid – 19, but by signing the rescue plan it is already part of the law.
To achieve that the subsidies to pay the premiums are higher, the plan also raises the eligibility limit which, as already stated, is based on earnings. That is, now, people or families with income 400% above the federal poverty level can now receive assistance.
This means, for example, that an individual earning an annual salary of $ 51, 486, or a family of 4 who earn and $ 106, 000 can get health insurance with a much lower premium (or monthly fee) than before, especially if you choose a Silver plan (the average level in your area)
How much does the insurance cost in 2021?
With the plan approved by the Biden government to help with the pandemic, the percentage of financial aid or subsidy increases in relation to years previous. For example:
- Family of 4, living in Jersey City (NJ) with two children (10 Y 12 years). Total Household Income is $ 106, 005 annually, which represents a 405% above poverty level.
This family of 4 now receives an estimated subsidy of $ 614 ($ 7, 362 annually) to cover insurance costs.
The cost of a silver plan in NJ for this family will now be $ 751 per month.
Without subsidy, this family would have to pay every month $ 1, 364. That is, you are now receiving a subsidy that covers the 40% of the total cost of a silver plan, in this example.
In 2020, before the rescue plan approved by President Biden, this family with that income did not qualify for a subsidy.
If you want to calculate how much you would have to pay for your health insurance and that of your family in the state where you reside, you can use this updated subsidy calculator or call this toll-free number: 1-888-528 – 8283
What is the federal poverty level?
The Federal Poverty Level (FPL) is a measure of income level issued annually by the Department of Health and Human Services (HHS).
Federal poverty levels are used to determine an individual’s eligibility for certain programs and benefits, including insurance market savings and Medicaid and CHIP coverage.
Once the person knows that they are eligible for a market plan, they will have to choose between different qualified plans such as Metals, Bronze, Silver, Gold and Platinum, which have different costs and deductibles. In general, the rule is, the higher the monthly premium, the less the deductible (what you pay out of pocket for certain services until the insurer begins to pay).
It is very important to find out the options, because depending on the area in which you live and your income, your medical plan could cost you up to $ 0.
States that use the federal health care.gov/healthcare.gov enrollment platform (which closes on 15 August 2021)
- Alabama, Alaska
- Arizona, Arkansas
- North Carolina, Carolina South
- North Dakota, South Dakota
- Delaware, Florida
- Georgia , Hawaii
- Illinois, Indiana
- Iowa, Kansas
- Kentucky, Louisiana
- Maine, Michigan
- Mississippi, Missouri
- Montana, Nebraska
- New Hampshire, New Mexico
- Ohio, Oklahoma
- Oregon, Tennessee
- Texas, Utah
- Virginia, West Virginia
Wisconsin, Wyoming
Enrollment dates in other states
In states that do not use the federal market platform, the dates for the extended period of registration by covid are the following:
California. February 1 to 15 May 2021
Colorado. February 8 to 15 May 2021
Connecticut. 14 from February to 15 May 2021
District of Columbia. February 1 to the end of the pandemic
Idaho 1 to 31 of March
Maryland. February 1 to 15 August 2021
Massachusetts. February 1 to 23 July 2021
Minnesota. 16 February to 17 May 2021
Nevada. 14 from February to 15 May 2021
New Jersey. February 1 to 15 May 2021
New York. February 1 to 15 May 2021
Pennsylvania. 14 from February to 15 May 2021
Rhode Island. February 1 to 15 May 2021
Vermont . 14 from February to 14 May 2021
Washington. 15 February to 15 May 2021
The help you need
Remember that health insurance gives you the peace of mind that In the event of any eventuality, accident or emergency, you and your family will have access to the best health professionals.
There are different ways to enroll in medical insurance. The easiest thing to do is contact an agent to help you. You can call HolaInsurance at +1 (888) 258 – 7476. Help is offered in Spanish here.
You can also ask an agent to contact you.
Enter here your information and an agent or broker registered in The Insurance Market will speak directly to you.