Biden is pushing for broader access to health insurance

Biden is pushing for broader access to health insurance

Biden is pushing for broader access to health insurance. How you might benefit

An estimated 4 million uninsured individuals could get an ACA plan with no premium payment and 4.9 million more could get subsidies to reduce the cost of such a plan, according to the Kaiser Family Foundation.

The premium subsidies through the exchanges are available to families whose income is from 100% to 400% of the federal poverty level, based on household size. That translates into income from $12,760 to $51,040. For a family of four, it would be $26,200 to $104,800.

Meanwhile, in states that expanded Medicaid, you can qualify for coverage through the program if your income is no more than 138% of the federal poverty level. For an individual, that would mean up to $17,609; for a family of four, $36,156. It’s also worth noting that if you qualify for Medicaid, you can sign up at any time.

Biden also has other plans to expand coverage and affordability. His $1.9 trillion Covid stimulus proposal, unveiled last week, includes a provision that would limit the amount paid for health insurance premiums to 8.5% of income.

He also wants to subsidize COBRA coverage — the right to continue employer-sponsored insurance after job loss — through September. It remains uncertain whether these proposals will be included in any stimulus bill that gets voted on.

Separately, some of Biden’s health-care proposals face an uphill battle in Congress. The Senate is split 50-50 between Republicans and Democrats, with Vice President Kamala Harris getting the tie-breaking vote. However, many bills need a 60-vote majority to clear the upper chamber.

This content was originally published here.

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