In 2021, the federal government passed the American Rescue Plan into law which includes provisions that expands benefits for those enrolled in or looking to enroll into ACA Marketplace plans. These benefits were further expanded upon by the Inflation Reduction Act which was signed into law in 2022. These benefits include:

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• Expansion and an increase in Advance Premium Tax Credits (APTCs) which help enrollees cover insurance premiums on health care plans purchased through the Marketplace. 

  • You might be eligible for one of these credits if you meet all of the following:

    • Will have an annual household income above 400% of the federal poverty level

    • Will not file a Married Filing Separately federal income tax return

    • Must file a federal income tax return or be claimed as a tax filer’s dependent

    • Must be enrolled in coverage through a Marketplace for one or more months of the year

    • Are not eligible for or enrolled in other minimum essential coverage such as Medicaid or Medicare

If you qualify for Medicare, the Inflation Reduction Act will save you money in the following ways:

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• Medicare Part D improvements:

  • Will have their insulin capped at $35 a month

  • Will be able to access recommended vaccines such as the shingles vaccine at no cost

  • Will have out-of-pocket costs capped at $2,000 a year

  • Will have the option to make use of the Medicare Prescription Payment Plan which will allow enrollees the option to spread their out-of-pocket prescription drug costs out throughout the year

  • Expansion of the low-income subsidy program (LIS or “Extra Help”) under Medicare Part D to 150% of the federal poverty level starting in 2024