A new law passed, effective 04.01.2021.   Here are the changes that affect the Health Insurance Market. (in Illinois)

A new law passed, effective 04.01.2021. Here are the changes that affect the Health Insurance Market. (in Illinois)

** Income Thresholds are higher to qualify for a Tax Credit

• For an Individual, tax credits are available for anyone making less than $85,500.00 , more than $17,800.00.
• For a couple, tax credits are available for any couple making less than $171000.00, more than $24,100.00.
• Family of 3, tax credits are available for anything less than $217000.00, more than $30350.00.
• Family of 4, tax credits are available for anything less than $262000.00, more than $36500.00.
• Family of 5, tax credits are available for anything less than $308000.00, more than $43000.00.
• Family of 6 or more, tax credits cap at anything less than $308K, more than $49500.00.

** Open Enrollment (for anyone) extended through 08.15.2021

** If someone is currently receiving a tax credit, they can redetermine to see if they qualify for more and a better plan (can change plans), or they can receive entitled extra credit on their tax return the following April.

** If someone changes plans, keep in mind the deductibles would reset to a new plan. May not be advisable. Would have to be evaluated on a per person basis.

** Maybe more changes later in the year. As of now , the increased tax credits are not automatic…would need to get re-determined first.

This opens up a window and opportunity for others to participate that previously got squeezed out and could not afford.