Inflation Reduction Act of 2022

Introduction

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

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.