The push is on to help more people get insured
By Beth Newcomb
This year, the annual enrollment period for Affordable Care Act (ACA) coverage—also known as Obamacare—has been extended until Saturday, January 15, 2022. The reason? “The push is on to help more people get insured,” says Carl Lishing, a licensed insurance agent with HealthMarkets Insurance Agency. “If we’ve learned nothing else over the last year-and-a-half, we’ve been shown time and time again how crucial health insurance coverage really is.”
The American Rescue Plan Act, signed into law in March of this year, provides significant, although temporary, enhancements to the ACA. Carl says it includes a provision for increased subsidies under the ACA for 2021 and 2022 and eliminates the upper income limit for subsidy eligibility. For 2021, it also ensures that people receiving unemployment compensation are able to enroll in a silver plan with $0 premiums and robust cost-sharing reductions, among other benefits.* What that means is in the past if you didn’t qualify for a subsidy to help offset the cost of your health insurance coverage, you may now.
What is a Subsidy?
A subsidy is essentially a discount the federal government provides to individuals to help offset the cost of an insurance premium. For example, if your premium is $1,500 a month and you get a subsidy of $900, the government pays that amount and your total out-of-pocket to secure coverage is $600.
“Subsidies are based on household income. For 2021, subsidies are also available for people who receive unemployment compensation,” Carl explains. “With the changes in place now, nobody purchasing coverage through the ACA has to pay more than 8.5% of their household income. Because subsidies are so large, some enrollees can get $0 premium Bronze or Gold plans.*”
In fact, with the current ACA marketplace structure, many more Americans have become eligible for free Bronze plans.*
Subsidies do not exist for people who have healthcare coverage under their employer-sponsored plans. “ACA coverage is for people who are self-employed, the unemployed, or for people who work at a company that does not provide health insurance,” Carl shares.
ACA coverage can also be a good fit for people who have pre-existing conditions. However, understanding your coverage options and subsidy amount (if any) can be confusing.
“You can certainly go it alone,” he says. “But as a licensed insurance agent with HealthMarkets, I’m uniquely qualified to help you understand your options in an easy-to-digest format. I’ll break it down so you can make the best choice for you and your family. And the best part is, my guidance is free of charge.”
Within the different ACA coverage levels there could be over 100 different plans to choose from. “Simplify the process by putting my expertise to work for you,” he suggests.
Meet Carl
Carl lives in the Edgewater area with his wife and three kids, two of whom have left the nest for college. He’s been married for over 20 years and spends as much of his free time as possible on Lake Erie.
His wife, Jenny, is involved in the business and hers is often the warm voice you’ll hear on the other end of the line when you call.
As one of the most decorated insurance agents in the county, Carl has garnered the Best of Cleveland Award in the insurance category in 2020 and 2021, among other citations.
Put licensed insurance agent Carl Lishing’s consultative, problem-solving to work for you by calling him at at 216-228-0765. HealthMarkets Insurance Agency is located at 16506 Detroit Avenue, in Lakewood. Office hours currently by appointment. Find out more at ClevelandInsurance.info.
*Source: HealthInsurance.org. HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and the District of Columbia. Not all agents are licensed to sell all products. Service and product availability varies by state. Agents may be compensated based on enrollment. No obligation to enroll. 48137-HM-1121