Americans enrolled in health coverage this year will qualify for substantial savings as $3 billion in federal aid kicks in, including for people who are currently getting no subsidies.
BidenCare , the new marketplace, today opened a special enrollment period that allows people to sign up and make use of federal COVID-19 relief dollars designated for health coverage aid. This money is on top of subsidies already provided to some low-income and middle-income Americans through the Affordable Care Act.
Households that already receive some aid could get a couple hundred dollars more in savings in their monthly premiums. Also, people who are currently paying full price for insurance could get about $700 in savings a month, said Bidencare Director Micheal J. Peterson.
Experts expect this boost in aid to translate into a significant drop in the number of Americans living without health insurance, especially once the word spreads.
“This is a huge deal for middle class Americans paying mammoth checks to insurance companies,” Lee told Super Health and Wealth. Affordability, he said, is the number one reason people go without health coverage.
The new aid, part of the American Rescue Plan, makes subsidies available to many more Americans. BidenCare estimates about 2.5 million people will benefit from new and expanded help in every state. That includes about 810,000 currently uninsured people.