U.S. Department of Health and Human Services reports about 93,200 uninsured Ohioans will newly qualify for the tax credit subsidies.
“As the COVID-19 pandemic continues to impact Ohioans, we want to make sure that people are aware of these new opportunities for financial assistance,” Department of Insurance Director Judith French said.
Financial assistance covering 100% of COBRA premiums is available to eligible individuals between April 1 and Sept. 30, according to the Ohio Department of Insurance. COBRA provides certain former employees, retirees and dependents the right to temporarily continue their employer-provided health coverage.
The act also expanded subsidies for Marketplace plans to people above 400% of the poverty level and increased subsidies for those making between 100% and 400% of the poverty level. These subsidies became available through healthcare.gov starting April 1.
Who is eligible for the COBRA subsidy?
Employees and dependents who become eligible for COBRA because of involuntary employment termination for reasons other than gross misconduct or because of a reduction in hours that caused them to lose eligibility for their employer’s health plan.
How is the COBRA premium financial assistance paid?
Through a tax credit to the employer sponsoring the health plan or the insurer providing the coverage.
Is there a notification process for people who qualify for the COBRA coverage?
Employers and group health plans are required to provide new notices to those eligible for COBRA addressing the new subsidies, potential options to enroll in different coverage, and the extended period to enroll.
How do people who currently have a marketplace plan qualify for a subsidy?
Current enrollees must re-select their current plan or a new plan for reduced premiums to take effect for the remainder of the year. People have until Aug. 15 to take advantage of the current special enrollment period to change to a new plan if they find a plan with lower costs.
Deductible amounts already met under current plans should be considered to determine if a plan change makes sense, since they may not be carried over to a new plan.
If people don’t switch their marketplace plan, when is the subsidy received?
The individual will receive the additional premium tax credit amount when they file their taxes in 2022.
Have more questions?
With specific questions, people can contact their employer, insurance company or agent. Consumer assistance representatives from the Ohio Department of Insurance are also available at 1-800-686-1526, consumer.complaint@insurance.ohio.gov, and insurance.ohio.gov.
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