The American Rescue Plan Act became law in April 2021. This law addresses many of the financial problems caused by the COVID-19 pandemic. One portion of the law focuses on lowering insurance premiums and improving access to affordable health care coverage.
The law provides financial support to help with the costs of health care coverage for many people living in the U.S.
This law can also help people who have lost their jobs to help cover premium costs if they chose to keep their employer-sponsored health care plans (COBRA). It provides aid to cover 100% of COBRA premium costs. Keep in mind the coverage may only be for a certain period of time.
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Kaiser Family Foundation. How the American Rescue Plan Will Improve Affordability of Private Health Coverage. Released March 17, 2021. Accessed from https://www.kff.org/health-reform/issue-brief/how-the-american-rescue-plan-will-improve-affordability-of-private-health-coverage/ on March 22, 2021.
The White House. American Rescue Plan. Whitehouse.gov. Accessed from https://www.whitehouse.gov/american-rescue-plan/ on April 19, 2021.
U.S. Centers for Medicare and Medicaid. New, lower costs on Marketplace coverage. Healthcare.gov. Accessed from https://www.healthcare.gov/more-savings/ on March 22, 2021.
U.S. Department of Health and Human Services. Fact Sheet: The American Rescue Plan: Reduces Health Care Costs, Expands Access to Insurance Coverage and Addresses Health Care Disparities. Hhs.gov. Last updated March 12, 2021. Accessed from https://www.hhs.gov/about/news/2021/03/12/fact-sheet-american-rescue-plan-reduces-health-care-costs-expands-access-insurance-coverage.html on April 19, 2021.
Last Revised: April 19, 2021