Laura Mutsko Agent and CSA

Q: How do I take advantage of the recent cost savings in Marketplace Health Insurance plans? A: The American Rescue Plan that went into effect on April 1, 2021 made Marketplace Health Insurance subsidies more generous for people at every income level. I strongly recommend everyone who has Marketplace coverage to take some time to learn how these changes can reduce their costs. The savings are significant.

To review your application to get updated savings:

1. Go to your 2021 application and report “a life change.”

2. Step through your application and make any necessary updates.

3. Submit your application.

4. Review your updated results with new savings.

5. Continue to enrollment to get the updated savings. You have the option to keep your current plan or select a new, more affordable plan. According to CMS.gov., the new law lowers premiums for most people who currently have a Marketplace health plan and expands access to financial assistance for more consumers. Premiums after these new savings will decrease, on average, by $50 per person per month or by $85 per policy per month. Additionally, four out of five enrollees will be able to find a plan for $10 or less/month after premium tax credits, and over 50% will be able to find a Silver plan for $10 or less.

The revised higher subsidies are in effect for the 2021 and 2022 plan years. Those who already paid premiums in 2021 before the new law passed will be able to claim the increased tax credit when they file their 2021 federal income tax return. Those who do not update their application will get the increased premium tax credit as a refundable tax credit when they file and reconcile their 2021 federal tax return. Those who do not have insurance are eligible to enroll in Marketplace coverage during a special enrollment period through August 15, 2021. Under the revised plan, more people than ever before qualify for financial assistance to help pay for their coverage.

To learn more or to update your application, please go to https://www. healthcare.gov/have-coverage/. If you have other questions concerning Marketplace coverage, Life, Health, Medicare Advantage Plans or Medicare Supplements I can be reached at 440-255-5700 or email your questions to Lmutsko@mutskoinsurance. com. I look forward to helping you.

Laura Mutsko Mutsko Insurance

Services, LLC 6982 Spinach Drive, Mentor, OH 44060

440-255-5700 www.mutskoinsurance.com