COVID relief bill slashed insurance premiums for early retirees

The American Rescue Plan Act of 2021, better known as the COVID-19 stimulus package, includes not only $1,400 in cash for every eligible American but also provisions to cut health insurance premiums. The move is proving a boon to retirees, Market Watch is reporting. 

Some consumers who purchase insurance on the Affordable Care Act marketplace will see $0 premiums, including early retirees with incomes between 100% and 150% of the federal income poverty level. Those with incomes 150% to 400% of the poverty line will pay lower rates, while all insurance premiums will be capped at 8.5% of income.

Those approaching the Medicare eligibility rate have the most to gain from the change, since they typically pay the highest premium rates, according to Market Watch.

President Joe Biden has promised to continue building and improving upon Obamacare, which was the signature healthcare law of former President Barack Obama when Biden served as vice president. Expanding subsidies will immediately lower healthcare rates for those on Obamacare plans, reducing their payments to $0 in many cases.

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