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The expanded subsidy will also help most of the approximately 194,000 people in ConnectorCare coverage, which uses both state subsidy and federal tax credits to provide free or low-cost coverage, and includes low co-pays and no deductibles. These people, who are between 300 and 400 percent of the Federal Poverty Level (about $38,000 up to $51,000 for one person) will see additional monthly premium savings of an average of $80 per month, or nearly $1,000 a year, on top of their current monthly support.
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There are approximately 18,000 people in Health Connector coverage outside of ConnectorCare who already receive Advance Premium Tax Credits as subsidy for their monthly premiums. The average monthly premium support amount for these newly- eligible members will be more than $60, or about $700 a year, but some members will see significantly higher savings, depending on their age and where they live. Subsidy amounts are tailored to the individual’s income level and the premiums available in their area. Insurance premiums, by capping the amount a household has to spend on premiums at 8.5 percent of their income. The new law means that all Health Connector members are protected from high health Current members and new applicants can find more information on the Health Connector’s website.īy eliminating the income cap on subsidy availability, some people who earn more than 400 percent of the Federal Poverty Level (about $51,000 for one person), will now be eligible for subsidies. For people who currently do not have health insurance and need coverage, the Health Connector is maintaining an extended Open Enrollment period through July 23.
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The changes in federal premium subsidies create new savings for many people who are currently in Health Connector coverage, or considering enrolling in coverage. “Massachusetts residents will get more help paying for their health insurance premiums in 20 through the Health Connector.” “The changes created by the American Rescue Plan represent the most significant expansion of financial assistance since the Affordable Care Act was passed in 2010,” said Louis Gutierrez, the Executive Director of the Massachusetts Health Connector. Many other people, both Health Connector members and those who don’t currently purchase through the Health Connector, who previously did not get help paying their premiums will become newly eligible for subsidies and can start to access lower premiums during May, for June coverage.
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Current members who are in ConnectorCare or who receive Advance Premium Tax Credits to reduce their premiums will see even lower premiums starting with their May premium payment. Most of the Health Connector’s 270,000 current members, along with new enrollees, will experience lower health premiums for 20 under the new law. The new law will make federal premium subsidies, known as Advance Premium Tax Credits, more generous in two ways: It will increase them for many of the Massachusetts residents who already receive them, and it will make federal premium subsidies available to more people who have never qualified before. The Massachusetts Health Connector will be able to provide hundreds of thousands of people with new and increased help paying for their health insurance premiums as a result of the recently enacted American Rescue Plan, starting for May coverage.