Under the American Rescue Plan Act of 2021, Congress is considering several vital provisions that would make comprehensive coverage more affordable and accessible for millions of Americans. GetInsured has developed a user-friendly health insurance premium subsidy calculator that anybody can use. With this tool, consumers can easily check out in advance how much they might save in premium costs with the help of the additional financial assistance proposed in the American Rescue Plan. The calculator displays current premium costs versus what premium costs would look like under the new plan.
How it works
The calculator can be found at mypremiumsubsidy.com. Based on basic information provided by the consumer, the calculator uses actual premiums and current tax credits for a mid-range plan sold on the federal marketplace or applicable state marketplace, depending on where the consumer lives. Then it estimates the amount of additional financial assistance the consumer may receive and the new lower premiums.
Why we need a tool like this
The federal government, as well as states, will need to conduct significant education and outreach to make consumers aware of these changes and their benefits. In fact, according to a new GetInsured survey, nearly 60 percent of uninsured American consumers are unaware they may qualify for savings under the current proposal; and more than half of those who collected unemployment (55 percent) do not know that they qualify for zero-premium coverage under the new plan. The ability to gauge savings is intended to serve as a powerful tool to encourage more people to get marketplace coverage across the country once they see just how affordable coverage can be.
Linking to the calculator
In an effort to help spread awareness of the new financial assistance available to consumers, the calculator is available for everyone to use on their site. It can even be embedded with a simple snippet of code.
For a fee, the calculator can be licensed to add your branding or other required modifications. If interested, or if you have any questions, simply email email@example.com to discuss options and pricing.