Beginning Saturday, Connecticut residents can apply for unusually-discounted health insurance during a special enrollment period of the state insurance exchange coinciding with an influx of federal funds meant to reduce the cost of buying health care policies.
Federal stimulus money passed by Congress and signed by President Joe Biden last month will offset the cost of most Access Health CT plans through 2022. According to the exchange, this will greatly reduce or eliminate altogether monthly payments for policyholders with low or moderate income levels.
The special enrollment period will run from May 1 to Aug. 15.
James Michel, Access Health CT’s chief executive officer, said the new funding will result in more people becoming eligible for tax credits, which reduce the costs of monthly payments on some policies bought through the exchange. In many cases, it will also increase the discount provided by those credits.
“The American Rescue Plan will help many people since financial help will be significantly greater for people at virtually every income level,” Michel said.
The amount of money saved under the new stimulus program will depend on the household income of the policyholders. But more than half of homes with current qualified health plans will see their monthly payments drop to less than $16, according to a press release from Access Health CT.
People with annual incomes of up to $51,000 per person will now be eligible for an average savings of more than $500 a month. The average household will qualify for savings of around $116 a month, according to the press release.
The subsidies will only apply to people with health care plans purchased through Access Health CT.
The exchange will attempt to apply the new savings to existing customers who do not update their applications by July. Customers can also choose to switch their plans during the special enrollment period. However, out-of-pocket expenses like deductibles may not carry over to a new plan for customers who elect to switch.
People looking to buy health insurance or compare prices can log onto the exchange’s website, AccessHealthCT.com or call 1-855-805-4325. Customers can also visit brick and mortar locations in Hartford and New Haven to meet with representatives but must make an appointment first.