DENVER — Yesterday afternoon, President Biden signed the American Rescue Plan Act of 2021 (American Rescue Plan) into law. Connect for Heath Colorado® Chief Executive Officer, Kevin Patterson, released the following statement in response to provisions which strengthen the Affordable Care Act and increase affordability:
“We are thrilled and getting ready to implement the health coverage provisions outlined in this law. This expansion of financial help will provide greater access to savings on the health plans we offer. This means more affordable health insurance for many more Coloradans.”
The American Rescue Plan removes the 400 percent poverty level income cap to receive Advance Premium Tax Credits. It also updates the financial help calculation so that Coloradans will not pay more than 8.5 percent of their income on premiums based on the cost of the second-lowest-cost Silver plan in their area (also called the “benchmark plan”). As a result, Connect for Health Colorado customers will see an average savings of 49 percent or $56.30 on their monthly premium.
Connect for Health Colorado will develop an implementation plan for the portions of the law which impact Colorado consumers seeking health insurance through our Exchange. We will share more regarding how Coloradans can obtain the savings outlined in the law in the coming months. The financial help changes are in effect through calendar year 2022. Connect for Health Colorado is the only place where Coloradans can get financial assistance for health insurance.
About Connect for Health Colorado
Connect for Health Colorado is a public, non-profit entity established by the Colorado General Assembly in 2011 to create a health insurance Marketplace. Since 2013, we’ve been helping individuals, families and small employers compare plans, apply for financial help and buy health insurance. As Colorado’s official health insurance marketplace, we are the only place to apply for financial help to lower the monthly cost of premiums. Customers can shop online; get help by phone or online chat from Customer Service Center representatives; and access expert help from a statewide network of certified Brokers and community-based Assisters. For more information: ConnectforHealthCO.com
Monica Caballeros, [email protected], 720-496-2574