Healthcare Marketplace opens for special enrollment period

The American Rescue Plan Act of 2021 has made more people than ever eligible for assistance in paying for health insurance coverage, while those who have already enrolled in a plan through the national Healthcare Marketplace may qualify for extra tax credits.

A special enrollment period is now open until August 15 through healthcare.gov to give existing and new consumers the chance to take advantage of new savings.

Most people who are currently enrolled in a healthcare insurance plan through the Marketplace may qualify for more tax credits. Health insurance premiums are expected to go down thanks to new savings.

New consumers can enroll for a health plan during this period. This has been extended in response to the COVID-19 crisis.

If you already have a plan, you can log in at healthcare.gov from April 1 to see your new eligibility results, which will show you the extra tax credit amount available to you.

You can then update your plan selection to incorporate these increased tax credits, potentially choosing a plan with lower out-of-pocket costs for the same price or less.

If you re-select your current plan, the changes will then take effect to lower your premiums for the rest of the year. Alternatively, you can wait until you reconcile your 2021 taxes to get the additional tax credit amount.

Be advised that your deductible will likely start over if you change your health coverage during the special enrollment period. Any out-of-pocket costs you already paid are unlikely to count towards your new deductible.