When will the increased subsidies be available?
Extra tax credits are available to preview and opt into as of Thursday April 1st on Healthcare.gov
The 2021 Special Enrollment Period (SEP) in response to the COVID-19 pandemic runs from February 15th through August 15th.
New enrollments and plan changes can only occur through August 15th.
Individuals can opt into the additional subsidies at any point throughout the year outside of the Special Enrollment Period
The expanded subsidies will be available to individuals with on-exchange plans throughout all of 2021 and 2022
What does an individual need to do to take advantage of these new subsidies?
Currently HealthCare.gov states they will NOT automatically update premium tax credits on behalf of current enrollees, so individuals will need to go back into their account and opt in to determine their tax credit eligibility
What happens if an individual does not opt into the expanded subsidies in 2021?
The tax credits will be reconciled when on-exchange individuals file their 2021 taxes in 2022
What happens if an individual is not enrolled in an on-exchange plan for 2021, can they still get the new subsidies?
Individuals have to move to an on-exchange plan by August 15th in order to be eligible to receive tax credits
For individuals who want to enroll in coverage and see if they qualify for more affordable premiums, contact Gregg Mann @ (614) 326-7356 or gmann@corbenconsultants.com