ncbill
Thinks s/he gets paid by the post
So it's still 9.78% as the "affordable" standard (employee-only premium) for employer-provided health care?
I live in PA and we have our own exchange. The exchange website still indicates they are working on updating the system to reflect the savings for new and existing customers. No added details. If I pretend I want new coverage, it still reflects the old pricing. I guess they didn't make an April 1st switchover.
They have not released any details about how or when the added premium assistance amounts will be applied to existing customer's monthly bills.
"Nearly everyone who purchases health insurance under the Affordable Care Act (ACA) Marketplace plans will benefit by the changes enacted as part of the American Rescue Plan Act of 2021. In summary:
Early retirees with an income 100%-150% Federal Poverty Limit (FPL), who already paid little for health insurance premiums, will now pay $0 premiums for Silver Level plans.
Those with incomes from 150%-400% FPL will see substantial reductions in health insurance premium costs.
Those with incomes that exceed 400% FPL will no longer be subject to the ACA “subsidy cliff.” Health insurance premiums costs will be capped at 8.5% of income.
Older early retirees approaching Medicare age will benefit the most because costs rise as we age."
https://www.caniretireyet.com/american-rescue-plan-health-care-early-retirement/
I just called and found that due to a subsidy increase, my net bill for FL Blue Bronze 1449 will be cut in half.... of. course that is only for one month, as I start Medicare May 1. I presume that the rate will be the same, or at least similar, as my DW has to stay on it until 9/22.
Sorry if I missed this earlier in the thread, but how long do these changes last? Just for this year? Or beyond? I'm not seeing this in any links above.
I have not reapplied yet, but I'm already wondering whether my HSA Bronze plan will be undercut by a Silver plan with a lower deductible and OOP. If so, what happens if I already made HSA contributions this year? Would I have to reverse them if I switched to a Silver plan?
This is hypothetical, as I have not yet made any HSA contributions. But I plan to. Wondering if I could max them out now and then switch plans this summer.
I guess I should wait and see how these changes might affect me, but I'm just thinking out loud for now. The main thing I'm wondering is my first question above. Are these temporary or ongoing changes?
I believe that April is the month that you have to make changes to your HI in order to receive the increased subsidies. If you wait, then the subsidies are reconciled at tax time
That Kaiser calculator linked to in the Can I Retire Yet? article made my jaw drop. We are 400%+ FPL and the 8.5% cap would itself save us thousands of dollars. Additionally, DW periodically qualifies for UI throughout each year due to her kind of unique, project-based j*b, so I was able to check the UI box. Doing that results in us qualifying for the second lowest silver plan for $0/year (!). Holy moly. You can bet I’ll be chewing on this possibility like a dog with a bone.
Here's the official government fact sheet on these changes:
https://www.cms.gov/newsroom/fact-sheets/extended-access-opportunity-enroll-more-affordable-coverage-through-healthcaregov?fbclid=IwAR0NnsfApVWDozDXfZIWWpwQSHOXOZdgBVwICJUSRb6PsnhDCaPQBKmfJ58
Here's the official government fact sheet on these changes:
https://www.cms.gov/newsroom/fact-sheets/extended-access-opportunity-enroll-more-affordable-coverage-through-healthcaregov?fbclid=IwAR0NnsfApVWDozDXfZIWWpwQSHOXOZdgBVwICJUSRb6PsnhDCaPQBKmfJ58
Maybe I'm missing something but if your income is over 400% FPL you would have to pay 8.5% of your income towards the second lowest cost silver plan. How do you come up with $0?
Is Medicare actually better than a super subsidized silver plan though? Our deductible is something like $400 a year with max OOP of $800 and it looks like a monthly premium of $20?