Beginning Saturday, Connecticut residents can apply for health insurance at exceptionally discounted prices during a special state insurance exchange enrollment period coinciding with an influx of federal funds intended to reduce the cost of purchase of health care policies.
The 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. Depending on the exchange, this will significantly reduce or completely eliminate monthly payments. for insureds with low or moderate income.
The special registration period will run from May 1 to August 15.
James Michel, president and CEO of Access Health CT, said the new funding will allow more people to benefit from tax credits, which will lower the cost of monthly payments on certain policies purchased through the exchange. In many cases, this will also increase the discount offered by these credits.
“The American Rescue Plan will help many people as financial assistance will be significantly more important for people at virtually all income levels,” said Michel.
The amount saved under the new stimulus program will depend on the household income of the insured. But more than half of households 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 an annual income of up to $ 51,000 per person will now be entitled to an average savings of over $ 500 per month. The average household will be entitled to savings of about $ 116 per month, according to the press release.
The grants 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 apps by July. Customers can also choose to change plans during the special registration period. However, personal expenses like deductibles may not carry over to a new plan for clients who choose to switch.
People wishing to purchase health insurance or compare prices can log on to the stock exchange website, AccèsHealthCT.com or call 1-855-805-4325. Customers can also visit physical stores in Hartford and New Haven to meet with representatives, but they must make an appointment first.