New savings available for Alabamians on Affordable Care Act health insurance plans

Alabama residents now have an opportunity to receive additional savings on Blue Cross and Blue Shield of Alabama’s Affordable Care Act (ACA) health plans through the Federal Marketplace.

Effective April 1, the American Rescue Plan Act of 2021 extended the current Special Enrollment Period to August 15, 2021, allowing consumers to purchase or change their ACA plan and take advantage of additional premium subsidies.

The federal legislation, which was couched as COVID relief, provides additional savings through premium subsidies available to new and existing members with incomes greater than 100% of the Federal Poverty Level (FPL). In addition, the second-lowest cost Silver plan is available for $0 premiums for those with incomes between 100% and 150% of the FPL.

Individuals with incomes exceeding 400% of the FPL are now eligible for premium subsidies for the first time since the implementation of the ACA. No matter your age, income or where you live in Alabama, residents may be eligible to enroll in an ACA plan that costs no more than 8.5% of their family income – maybe even less.

“Our mission is to provide Alabamians access to quality healthcare at the lowest possible price,” stated Tim Vines, president and CEO of Blue Cross and Blue Shield of Alabama. “For Alabamians who don’t have health insurance, now is an ideal time to get the coverage they need and take advantage of these new financial assistance options.”

Per BCBS of Alabama, these new changes will benefit members in the following ways:

• Premiums for ACA health plans may decrease up to an estimated $50 per person on average.
• Over half of members may be able to find a plan for $10 or less per month after premium subsidies.
• Over half of members will be able to upgrade to a better plan that offers lower out-of-pocket costs on average for the same price or less than what they are paying today.

People who purchase their own health insurance are urged to update their application and enrollment options on HealthCare.gov to qualify for the new eligibility.

Sean Ross is the editor of Yellowhammer News. You can follow him on Twitter @sean_yhn

The post New savings available for Alabamians on Affordable Care Act health insurance plans appeared first on Yellowhammer News.

This content was originally published here.