The American Rescue Plan & Inflation Reduction Act
Did you know that because of recent federal legislation called the American Rescue Plan (ARPA) you may qualify for premium tax credits? These health insurance tax credits may make your health plan more affordable.
As your friends and neighbors right here in Vermont, we believe it is important to notify you about ways in which you can save money — and possibly reduce your monthly premiums by thousands of dollars annually.
Through the American Rescue Plan and now the Inflation Reduction Act, more Vermonters can save a considerable amount of money by lowering their monthly health insurance premiums. If you purchased, or plan to purchase a Qualified Health Plan through Vermont Health Connect, you may be able to significantly lower your health insurance premiums. The sooner you enroll, the more you can save.
Examples of Vermonters eligible for premium tax credits in 2023:
- Individual Plan: Premium tax credits apply to an annual income level up to nearly $118,000
- Two-person Plan: Premium tax credits apply to annual income levels up to $237,000
- Parent and Child Plan: Premium tax credits apply to annual income levels up to $229,000
- Family Plan: Premium tax credits apply to annual income levels up to $333,000
Frequently Asked Questions
This Open Enrollment, visit Vermont Health Connect to see if you and your family will qualify. Call Vermont Health Connect at (855) 899-9600 to apply or apply online. When you sign up through Vermont Health Connect, you can keep your Blue Cross plan with a new lower monthly premium.
Our Open Enrollment Period for Qualified Health Plans starts on November 1. This is when Vermonters can sign up for a new plan through Vermont Health Connect. If you enroll during the fall Open Enrollment Period, and you don't have a qualifying event, your plan changes will take effect January 1, 2023.
You will likely qualify for additional savings. Don’t miss out! Contact Vermont Health Connect today to see how the new law affects your monthly premiums. You can call Vermont Health Connect at (855) 899-9600.
If you buy health insurance through your employer this will not affect you. However, if you lose your job and you qualify for unemployment, the law provides coverage of COBRA premiums. Please check with your employer for more details regarding your eligibility and what this means for your COBRA coverage.
Your tax credit will be multiplied by the number of months you are enrolled through Vermont Health Connect, so it benefits you to act sooner rather than later.
Next winter, you will receive a tax form listing the months you had coverage through Vermont Health Connect. You will need to use this form to claim your tax credit when you file your 2022 federal taxes.