State health insurance company alerting residents millions in financial assistance dollars might be lost – The Bristol Press
NEW BRITAIN – The state health insurance company is alerting residents that millions of dollars in financial assistance might be lost if the American Rescue Plan Act is left to expire, which is slated at the end of the year.
Access Health CT announced that, if the increased financial assistance from the American Rescue Plan Act (ARPA) expires, more than 65,000 Access Health CT enrollees would be impacted. In a statement released last week, the company said Connecticut residents would be negatively impacted by reduced or eliminated financial help for health insurance which would total to $178 million per year, or $14.8 million per month, of assistance.
James Michel, Access Health CT chief executive officer, said the assistance residents receive through ARPA will end unless the enhanced premium tax credits continue past 2022 through federal legislation.
“Ending increased financial help would have a significant impact on Connecticut residents,” Michel said, “including progress made toward addressing health disparities. The American Rescue Plan Act makes health insurance coverage more affordable and accessible – greatly reducing the impact of social determinants of health.”
The ARPA, which was signed into law on March 11, 2021, made health insurance coverage more affordable and accessible for residents by either reducing monthly payments (premiums) or eliminating them entirely. The law provided financial assistance to people with somewhat higher incomes that historically were not eligible or faced high premiums. Access Health CT said enrollees selected health insurance plans that reduce out-of- pocket costs and provide greater access to care for this plan year.
The company said roughly 21,000 enrollees would lose financial help entirely, if ARPA is not extended, 21,000 enrollees would. According to Access Health CT, the insurance company would pay $220 more per month, or $2,650 per year, in premiums for the average household in Connecticut enrolled through the company. The company expressed the concern that if residents are not able to have the premium assistance of ARPA, they might choose to be uninsured or choose plans with higher “cost-sharing burdens.” AHCT said eligible residents have at least one health insurance plan that costs no more than 8.5 percent of their income.
Open enrollment through Access Health CT ended January 12, 2022. However, residents may still be able to enroll through a Special Enrollment Period. Residents with questions regarding eligibility can contact the helpline at 1-855-805-4325, Monday through Friday from 8 a.m. to 4 p.m. or visit accesshealthct.com and speak with someone through the live chat option.
Posted in The Bristol Press, General News on Wednesday, 23 March 2022 11:21. Updated: Wednesday, 23 March 2022 11:23.
