After Enrollment Deadline, Some Californians Can Still Save on Health Insurance
By Quinci LeGardye, California Black Media
Published May 20, 2021
(Courtesy photo)
May 15 was the deadline for Californians to sign up for health insurance coverage. But people who already have health insurance through Covered California will still get a sizeable federal tax credit. Others seeking affordable plans can still save and enroll if they have a “qualifying life event” such as a birth, marriage, loss of job, certain illnesses, or other special circumstances.
The $1.9 trillion American Rescue Plan Act (ARPA) the COVID-19 relief package signed into law last March, includes significant aid for millions of people nationwide who either are either uninsured, have marketplace coverage or have lost their employer coverage.
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IR-2021-115, May 18, 2021
WASHINGTON The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).
Notice 2021-31 PDF provides guidance for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health coverage to certain individuals under COBRA.
The American Rescue Plan provides a temporary 100% reduction in the premium that individuals would have to pay when they elect COBRA continuation health coverage following a reduction in hours or an involuntary termination of employment. The new law provides a corresponding tax credit for the entities that maintain group health plans, such as employers, multiemployer plans, and insurers. The 100% reduction in the premium and the credit are also available with respect to continuation coverage provided for those events