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Maximize Your Benefits and Protection

REVIEW YOUR HEALTH COVERAGE: Recent Federal Law Lowers Costs, Opens Up New Options

This year, more than ever, it is crucial that you carefully evaluate your options to pick the health insurance that offers you the best and most affordable coverage.

  • The American Rescue Plan (ARP), signed into law on March 11, 2021, provides new opportunities to get health insurance coverage, and/or to reduce the cost of your premiums.聽Review your coverage now聽to make sure you are maximizing your benefits under the new law!
  • If you are searching out new health insurance, avoid 鈥渟kinny鈥 plans and insurance look-alikes聽that don鈥檛 provide adequate coverage:聽short term plans,association health plans, fixed indemnity plans, and health care sharing ministries. These types of plans do NOT provide adequate coverage for people with bleeding disorders. And purchasers of these plans are NOT eligible for premium subsidies that bring down the cost of insurance.聽Don鈥檛 pay more for less! Make sure your plan meets ACA standards聽for coverage and financial protection, and don鈥檛 be duped by misleading sales pitches or look-alike websites. To avoid pitfalls, start your search on聽www.healthcare.gov. (Note: if you live in a state that runs its own ACA Marketplace, www.healthcare.gov will automatically redirect you to your state鈥檚 Marketplace when you enter your zip code.)
  • As you compare plans you find via healthcare.gov, remember that you may be eligible for assistance with your premiums and/or copays. Most people who buy their insurance on the ACA Marketplace qualify for tax credits to help them with their monthly costs. Those subsidies have increased in size and scope since passage of the American Rescue Plan Act in March 2021!
  • Watch out for health plans that limit your ability to make use of manufacturer co-pay assistance programs. Health plans with accumulators聽do not credit manufacturer co-pay assistance toward your overall deductibles or out-of-pocket maximums,聽leaving patients on the hook for out-of-pocket costs up to their yearly maximum. Unfortunately, it can be hard to spot whether your plan contains an accumulator adjuster. Read your plan documents carefully and call plan administrators to ask specific questions. Learn more about accumulator adjusters in this聽recorded session聽from HFA鈥檚 2020 Symposium.
  • Have you experienced employment changes, due to COVID or otherwise, that impact your health coverage? Please check out this聽resource聽created by HFA and NHF outlining possible options available to you.

A reliable resource for information and detailed FAQs (including many in Spanish) on open enrollment for 2021 individual insurance plans can be found聽聽here.


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