The American Rescue Plan Act of 2021 (American Rescue Plan), passed by Congress and signed by President Biden on March 11, 2021, increases the opportunity for unprecedented numbers of Nevadans to receive subsidies, including Nevadans making over 400% of the federal poverty level.
It simultaneously reduces premiums for Affordable Care Act (ACA) compliant health insurance plans sold through Nevada Health Link. Nevadans who have received unemployment insurance may also be able to take advantage of $0 premium plans sold on the Exchange.
Thanks to the Inflation Reduction Act of 2022 the expansion of the premium tax credits on Affordable Care Act (ACA0 plans outlined in the American Rescue Plan until 2025.
Benefits of the American Rescue Plan as it relates to tax credits and subsidies:
- Access to subsidies for an unprecedented number of Nevadans who previously were not eligible. This includes Nevadans making over 400% of the federal poverty level.
- Reduced monthly premiums for Nevadans. This will hopefully enable Nevadans to allocate their hard-earned money to meet their families’ other essential needs such as food and clothing, to name a few.
See statement from Ryan High, Executive Director, Silver State Health Insurance Exchange
- August 16, 2022: President Biden signed into law the Inflation Reduction Act of 2022
- August 26, 2021: 17,000 Nevadans Saved on Health Insurance Plans Through Nevada Health Link
- August 5, 2021: Media Advisory: Last Chance for Nevadans to Claim Health Insurance Savings Through Nevada Health Link by August 15, 2021 (Southern Nevada)
- August 5, 2021: Media Advisory: Last Chance for Nevadans to Claim Health Insurance Savings Through Nevada Health Link by August 15, 2021 (Northern Nevada)
- Starting April 20, 2021 Nevada Health Link for full implemented the American Rescue Plan subsidies and Unemployment Insurance rules.
- Nevada Health Link consumers will be able to change plans an beginning April 20th.
- This timeline and implementation requires an enormous amount of testing and may require additional time, however the Exchange is confident in this target date of implementation.
- Rule changes will only apply prospectively.
- Nevada Health Link will extend the duration of the current Special Enrollment Period/Open Enrollment Period through August 15, 2021 to match the federal (HealthCare.gov) extension.
- In June 2021, Nevada Health Link will begin to automatically assess the financial eligibility for existing enrollees who requested subsidy assistance on their applications previously and were not eligible.
Nevada Health Link is drafting guidance for consumers to provide information on how to work with the IRS for those who filed their taxes prior to the passage of the ARPA.
The recently passed American Rescue Plan includes updates that result in significant additional savings for Nevadans shopping for marketplace health coverage and those already enrolled through Nevada Health Link. Check out the savings calculator below to find out how much you could qualify to save! Have questions? We’re here to help!