Buzz
Starting July 1, unemployed Americans can take advantage of substantial Obamacare subsidies, with 60% of them seeing their premiums drop to $0 a month. If you were unemployed anytime in 2021, you may qualify for a new plan. Visit the Health Insurance Marketplace before the special enrollment period ends on August 15 to learn more.
Don't wait—shop for a new plan now
The U.S. Department of Health & Human Services announced last week that starting July 1, anyone who received unemployment benefits or was approved to receive them in 2021 could find lower-cost plans and save on out-of-pocket expenses via HealthCare.gov. This is part of the federally-subsidized healthcare exchange set up under the Affordable Care Act (ACA), known as Obamacare, with funding from the American Rescue Plan, which passed earlier this year.
As reported by CNBC, full subsidies are applicable to the lower-cost silver and bronze plans. However, for the more comprehensive gold and platinum policies, you may still need to pay a premium. That being said, Yahoo! reports that there are now silver plans with reduced premiums of $0 available on the exchange.
There are some limitations, though. The subsidies vary by state, especially if the services offered go beyond the essential health benefits defined by the ACA. Additionally, if you have access to health coverage through your employer, you won’t be able to retroactively qualify for the subsidy.
How to register for an Obamacare plan
If you were unemployed during any part of 2021, you can sign up for coverage at healthcare.gov until August 15, the deadline for the current open enrollment period. If you already have coverage, you can visit the marketplace again to update your information and check if you qualify for additional subsidies. When browsing plans, you will likely come across several free silver plans that weren’t available before. For more information on how to choose an ACA plan, check out this Mytour post.
