Area residents who qualified for at least one week of unemployment benefits in 2021 are now eligible for premium free health coverage for the rest of the year.
Delaware Valley Brokerage Services, which is based in Bristol Township, is able to connect Lower Bucks County residents with health coverage through Pennie, the state Affordable Care Act health insurance exchange. The insurance broker is offering to help people file the subsidy application and obtain the benefit at no charge.
“This is huge news for anyone that is or was on unemployment,” Dawn Myers, who works at Delaware Valley Brokerage Services.
Previsions in the American Rescue Plan Act of 2021 allow people who qualify to purchase insurance on the exchange and have received or were approved to receive unemployment compensation at any point in 2021 to obtain a “silver”-tier plan with a $0 premium and receive extra help for copays and deductibles. The eligibility is regardless of annual income. Those who receive the benefit will qualify for a premium tax credit that covers the full cost of the insurance.
The potential savings for many Pennsylvanians is striking. For example, a 40-year-old with income of $19,300 could enroll in a zero-dollar plan and realize an estimated $800 in annual premium savings through Pennie. A family of four with household income of $52,400 enrolled in the benchmark silver plan could save over $2,300 on their annual premium. Although the plan does not change the financial assistance for deductibles and other cost-sharing for most enrollees, the enhanced premium subsidies could help them afford more generous plans, allowing them to lower their out-of-pocket costs.
Affordable health coverage has become more important than ever during the COVID-19 pandemic and as the nation recovers.