The American Rescue Plan (ARP) savings will carry over for 2024 coverage. However, for some customers, the amount of subsidies available each month may decrease in 2024. These reasons include:
Reason #1 It is common for plans and premiums to fluctuate each year. We highly recommend that every Virginia's Insurance Marketplace customer review their coverage options to either confirm they are still in the best plan for their household budget and health needs or shop around if there is a plan that is a better fit. This is also a good time to review the household information included in your Virginia's Insurance Marketplace application to ensure it is up-to-date and you are receiving the correct eligibility. Virginia's Insurance Marketplace is here to help anyone in need of assistance or who has questions about the application, renewal, or plan shopping process.
Reason #2 If you are someone who was eligible for unemployment insurance in 2024, then you have probably been receiving the maximum amount of financial assistance due to the American Rescue Plan. This provision expires at the end of 2024 so while you may still be eligible for savings through the American Rescue Plan, the amount of savings may be less this year.
Reason #3 If you were enrolled in coverage through Virginia's Insurance Marketplace between January 1, 2024 and May 31, 2024 and were eligible for financial assistance, you might see a decrease in your monthly APTC amount for 2024, even though the amount of APTC available throughout the entire year is the same as it was in 2024. In 2024, Virginia's Insurance Marketplace applied the full amount of additional benefits available under ARP over a seven-month period starting in June. We took this approach to make sure Virginia's Insurance Marketplace customers were able to take full advantage of the financial benefits of the American Rescue Plan as soon as possible. For those eligible for expanded ARP benefits in 2024, you will see these benefits spread out across the entire 12 months rather than seven months.
Virginia's Insurance Marketplace is committed to ensuring that every customer receives the full amount of financial assistance they are eligible. Virginia's Insurance Marketplace encourages all customers to take advantage of the 2024 Open Enrollment Period to shop and compare plans.
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