For those of you not yet participating in a Covered California healthcare plan, we have some good news: Under the American Rescue Plan, an increase in subsidies will make marketplace plans more affordable than ever!

How much more affordable? While the American Rescue Plan directs more funding to healthcare needs, you’re probably most interest in the end result for consumers. Here are some basic facts on how these new policies affect most people:

• One in four enrollees will be able to upgrade their healthcare plan to a higher tier, with lower out of pocket costs, for the same or even a lower premium than what they’ve been paying
• Four out of five people will be able to locate a plan costing $10 or less per month after tax credits
• 50 percent will be able to enroll in a silver-tier plan for $10 or less per month
• Those making over 400 percent of the federal poverty level will save an average of over 600 dollars per month
• 14.9 million Americans who currently lack health insurance coverage will now be able to access an affordable plan, including many Californians

What should you do now? If you are not already enrolled in a Covered-California healthcare plan, now is the time to apply. The American Rescue Plan created a Special Enrollment Period, which will open April 12 in California and will run through the rest of 2021.

About 590,000 Californians are currently enrolled in “off-exchange” plans, meaning they chose healthcare plans offered directly through health insurance providers rather than those offered through Covered California. About 68 percent of these enrollees of off-exchange plans would be eligible for a premium reduction if they apply through Covered California instead. If you fall into this category, you should apply with Covered California to locate a plan commensurate with your current policy (or even upgrade to one that suits you better). At the same time, you will be able to access subsidies that can significantly reduce the cost of your premiums.

Those already enrolled in Covered California plans can also receive new or larger subsidies. This Special Enrollment Period will allow you to log into the system and update your information.

Yes, you technically have all year to apply, but it’s important to get started now. You can access savings sooner, with your plan taking effect on the first day of the month following the month in which you apply.

To learn more, call our office to discuss your situation and how this Special Enrollment Period can benefit you.