State exchange programs for health insurance are one of the provisions introduced in the Affordable Care Act back in 2010. Under this provision, the federal government may subsidize some of your insurance premiums if your income is low enough. The new stimulus package passed by President Biden extends this provision to allow more people to reduce the amount they pay out of pocket for insurance premiums. In today’s episode, Grant covers how this legislation works, who qualifies for these benefits, how and when to enroll, and things you should consider before switching from your current health insurance plan.
Show Notes
[02:47] The Legislation – Grant reviews the legislation that facilitates this opportunity and the motive behind passing this law.
[04:03] State Exchange – How the state exchange program works, criteria for qualifications, and how taxes come into play when you receive the benefits of this.
[10:02] New Updates – Grant reviews the changes that have been added to this legislation with the most recent stimulus package and some of the planning opportunities that come with the new changes.
[13:43] Breaking Down the Math – Grant explains a couple of examples of the premium subsidies and how much money you might save by utilizing this opportunity.
[16:53] Enrollment – Gant reviews the special window for enrolling in this program that expires on May 15 and why you should consider taking advantage of this opportunity.
[20:46] Deciding Whether to Enroll for Exchange Policies – Grant shares his take on a few things to consider when deciding whether it’s a good idea to obtain a policy under this program based on your current healthcare plan and some other factors.
Resources
Ep # 68 - Dissecting the New Stimulus Checks & Recovery Legislation: The American Rescue Plan Act of 2021:
growmoneybusiness.com/podcast/episode68