With the passing of the American Rescue Plan in March of 2021, changes included new, lowered costs for Marketplace health insurance coverage. You may qualify for lower premiums, even if you’ve never qualified for discounts on health insurance in the past.

Why is there more access to affordable coverage through the Marketplace?

In response to the COVID-19 pandemic, President Biden signed the American Rescue Plan into law, making more people eligible to receive financial assistance for health care coverage, housing and unemployment, among other relief areas. In 2022, President Biden signed the Inflation Reduction Act into law, which extends those expanded premium tax credits through 2025. Since April 2021, subsidies have helped people save an additional $50 to $70 on their monthly premium through individual Marketplace coverage, which varies based on income and household size. People can apply for Marketplace coverage if they have a qualifying life event or during the annual open enrollment, which starts November 1, 2022 and ends January 15, 2023. Those who sign up during this time have coverage effective January 1 or February 1, 2023.

How do I know if I qualify?

By applying for individual Marketplace coverage, you can find out if you qualify for more tax credits. This could lower your monthly premium. To apply for coverage, visit healthcare.gov or let us connect you to a local agent in your area by calling (888) 861-5171.

What if I don’t qualify for a Marketplace plan?

If you don’t qualify for a Marketplace plan through healthcare.gov, direct enroll at Sanford Health Plan. Get a quote at sanfordhealthplan.com/shop-plans or call (888) 861-5171.

How do I know if I qualify for a Special Enrollment Period?

Outside of the annual open enrollment period, you’re eligible to sign up for health insurance if you qualify for a SEP due to a life event, such as after changing jobs, getting married or having a baby. Typically, you have 60 days from the life event to enroll in a new plan. Use this tool on healthcare.gov to see if you qualify for a SEP.

What if I already have a Marketplace plan?

Even if you already have an individual plan in place, you can log into your account and update your application and enrollment to see your new eligibility results. If your results show that you qualify for extra tax credits, you can reselect your current plan and the changes will take effect for the rest of the year.

One potential drawback is that your deductible will likely start over, so contact your insurance company before changing plans or adding a new household member. They’ll be able to determine if you’ll need to start over to meet your plan’s new deductible.

Tip: It’s important to remember that if you experience a life event, you’ll need to update your Marketplace information. A good rule of thumb is if your tax return would change, then information on the Marketplace would also need to be updated.

How can Sanford Health Plan help?

By connecting you with a local insurance agent, we can guide you step-by-step through the Marketplace and help you understand your options and the finer details of each plan. To give you a premium estimate, your agent will likely ask for your household size, income, age and tobacco use. Best of all, working with an agent does not cost you anything.

If you’re ready to learn more, click here for our buyer's checklist or call (888) 501-4560 and connect with a local agent in your area or provide you with more information.

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