Serra Benefit & Insurance Services is receiving daily breaking news regarding the American Rescue Plan recently signed into law. This pertains mainly to the individual and family market for health insurance. Open enrollment will continue through May 15th due to the pandemic. We anticipate more concrete information and direction by April. At that time we will begin enrolling new policies on and off exchange and moving existing off-exchange policies to on-exchange to receive financial asisstance.
Stay tuned…..
The American Rescue Plan Signed into Law
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021. The new law increases premium assistance available through exchanges and removes the “cliff” that makes people ineligible for subsidies if their income exceeds 400% of the Federal Poverty Level (FPL) for 2021 and 2022.
New Benefits
• Clients enrolled in Covered California health plans will not have to pay more than 8.5% of their household income for the second lowest cost silver plan
• Clients who are below 400% of the FPL can get additional government financial assistance to nearly 0% (the 8.5% cap still applies for household income)
• 100% federal premium subsidy for COBRA coverage
• Consumers receiving unemployment compensation during 2021 may be eligible for the maximum amount of subsidies if enrolled in Covered California plans.
More information regarding The American Rescue Plan will soon be released to us so that we may help Californians choose and enroll in Covered California plans and receive these benefits.
Opportunity for Most
• Currently-uninsured consumers will see more financial help and lower premiums, with many qualifying for $1-dollar health plans—including some Silver plans.
• Consumers currently insured off-exchange (directly through an insurer) may be able to save hundreds or even thousands of dollars by switching to the same or similar coverage through Covered California.
• Most current on-exchange members will be automatically redetermined to maximize their savings.
• Be sure you have all CC requested documents uploaded to
• Be sure to update your consent for verification (5 year max consent recommended)
Covered CA – Update Consent for Verification
This new law may result in enrolled consumers’ eligibility to receive more financial help. In April, Covered California will automatically check eligibility for increased financial help for those consumers who have an active Consent for Verification. To ensure that you receive any increased financial help you may be eligible to receive, please update Consent for Verification and confirm that consent is provided through a minimum 2022.
Company : Serra Benefits & Insurance Services
Contact Name : Angela Young
Contact No : 760-439-9700
Contact Email : angela@serrabenefits.com
Address : 2821 OCEANSIDE Blvd. Unit E, Oceanside, California, 92054