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Increased premium tax credits available for ACA health plans effective April 1


The Centers for Medicare & Medicaid Services announced recently that additional federal premium tax credits will be available to individuals buying their own health insurance directly through the Affordable Care Act’s online marketplace, healthcare.gov. The increased federal premium tax credits may result in lower premium amounts paid by Iowans, the Iowa Insurance Division said in a news release. New consumers and current enrollees who submit an application and select a plan on or after April 1 will receive the increased federal premium tax credits for 2021 and 2022 marketplace coverage. “Iowans who have already purchased their own coverage through the marketplace are encouraged to update their information on healthcare.gov on or after April 1 to recalculate their costs based upon the increased federal premium tax credits,” Iowa Insurance Commissioner Doug Ommen said. “These changes, coupled with the special enrollment period that runs through Aug. 15, will make these insurance plans more affordable as Iowans recover economically from the pandemic.” During the special enrollment period, Iowans may call 800-318-2596 or visit healthcare.gov for information regarding enrollment and to calculate applicable tax credits. Iowans can find local help in reviewing their coverage by visiting this link on Healthcare.gov.

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