American Rescue Plan expanded benefits

 I wanted to share some good news with the American Rescue Plan, when it comes to expanding benefits available through Mnsure. This includes an increase in the amount of tax credits Mnsure enrollees receive to help them pay for their premiums and an expansion of tax credits to middle-income Minnesotans, who previously fell outside income thresholds for financial help. This increase in benefits means Minnesotans who purchase health insurance through Mnsure will be able to find a plan with premiums that cost no more than 8.5% of their household income. Right now, depending on what plan you have and what your gross income is, you could be paying 12 to 18% of your income for your premium. These expanded tax credits will not be advanceable until later this year. This means, enrollees will not immediately see any additional savings on their monthly premiums but can reconcile the savings when they file their taxes next year. Current Mnsure enrollees will be eligible for a full year of savings, retroactive to their first month of coverage in 2021. So, you get the money back at tax time next year and your coverage for next year will have the enhanced savings available in advance for the entire 2022 coverage year. The change covers calendar years 2021 and 2022. If you have questions call 320-679-5183 or go to yoursafemoneyshow.com.