Special Enrollment Period, ACA Subsidy Changes, and COBRA Updates

The Biden administration has made some adjustments to the federal health insurance marketplace including the addition of a Special Enrollment Period and ACA subsidy updates. These changes allow individuals and families affected by the pandemic, a way to secure health coverage or update existing plans for 2021. If you are looking for coverage for your business there are options available year-round!

President Biden opened up the federal insurance marketplace for a Special Enrollment Period (SEP) for those impacted by COVID-19. From February 15 through August 15, Americans can have full access to Affordable Care Act (ACA) plans. This SEP allows Americans to access ACA plans outside of Open Enrollment without having to have a qualifying life event such as a marriage, birth, divorce, death, job change, or residence change.

The American Rescue Plan Act or COVID Relief Package legislation includes a major change to the ACA health coverage plans and subsidies. This law can potentially increase subsidies for those who currently qualify. There is an expanded eligibility which makes the ACA plans more affordable for those who traditionally had too high of an income. Subsidies are retroactive to January 1, 2021, and in effect through 2022. The American Rescue Plan Act will subsidize laid-off workers, COBRA premiums through September. COBRA or Consolidated Omnibus Budget Reconciliation Act allows individuals who leave a job to continue their workplace insurance plan for up to 18 months. COBRA may not be the best long-term solution, most individuals have to pay for what the company contributed, on top of their contributions and an administration fee added on. An ACA marketplace plan might be a better solution with the current subsidy changes, know your options!

LIG Solutions can assist you in seeing if this new legislation will allow you to gain access to these new subsidy rules to help offset the costs of your monthly premium payments.

Questions about the Special Enrollment Period or general health insurance coverage?

LIG’s team of advisors work one-on-one with members to find the best coverage that fits their lifestyle and budget. Talking with LIG is free, we are here to help!

Disclaimer: LIG Solutions complies with applicable federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability or sex.