| FOR IMMEDIATE RELEASE March 30, 2021 |
CONTACT: Jim Carson, Communications Director 860-214-1539 Jim.Carson@ct.gov |
More Support for Affordable Care Act Plans on the Health Exchange for Small Businesses & Individuals
The American Rescue Plan Act increases subsidies for plans offered through Access Health CT
Higher level, more robust Affordable Care Act (ACA) compliant individual health insurance plans offered on the state’s Access Health CT (AHCT) exchange may now be more affordable, with higher subsidies and reduced net premium costs for consumers enrolled or planning to enroll through Access Health CT.
Small businesses may also benefit. Small employers who may not have been able to afford health insurance for their employees can, as an option, provide funding for their employees through a Health Reimbursement Arrangement (HRA) account.
President Biden signed The American Rescue Plan Act on March 11, 2021 which, among other things, increases subsidies for Affordable Care Act (ACA) compliant health plans offered by Access Health CT.
”Many more people qualify for a subsidy on the exchange now, under the new law, The American Rescue Plan,” said Insurance Commissioner Andrew N. Mais. “As always, employers are urged to consult with a licensed health insurance agent or broker for more information.”
“As the COVID-19 public health emergency endures, Access Health CT continues to remain focused on the health and wellbeing of Connecticut residents, and the financial help the American Rescue Plan provides is a tremendous resource for Connecticut residents and small businesses,” said Chief Executive Officer at Access Health CT, James Michel.
The increased subsidies are available for 2021 and 2022.
HRAs are employer-funded arrangements from which employees are reimbursed tax-free for qualified medical expenses up to a fixed dollar amount per year. Unused amounts may be rolled over to be used in subsequent years. The employer funds and owns the arrangement.
Connecticut residents currently without health insurance can take advantage of a special enrollment period offered through Access Health CT that runs from February 15, 2021 to April 15, 2021. Job loss and other events can qualify an individual or family for enrollment throughout the year. Contact Access Health CT for more information on what is a Qualifying Life Event.