The Supreme Court has rejected a third major challenge on the constitutionality of the Affordable Care Act (ACA), or Obamacare.
This legal challenge was put forth by a group of 18 Republican-led states that argued the individual mandate (the rule that requires all Americans to obtain health insurance or face an income tax penalty) was unconstitutional.
In response to the court’s decision, President Joe Biden issued a statement saying his administration can now look forward to continuing building upon the law — an effort he says was started back in March with his $1.9 trillion COVID-relief bill.
That bill included a provision that both lowers health care costs and expands coverage for millions of Americans.
Here’s how you may be able to take advantage of new subsidies and save up to 25% on your health plan before open enrollment ends Aug. 15.
If you’re already an Obamacare policyholder, there is some action required on your end to get these reduced premiums in your healthcare account.
First, you’ll have to go back to the website where you initially bought your health insurance plan and confirm you want the new, expanded tax credit for your existing plan.
Once there, you’ll have to update your preferences otherwise you’ll keep paying your current price until next spring — at which point you’d get the difference back in the form of a refund on your 2021 taxes.
Did you not buy your plan through the ACA marketplace? In that case, you’ll have to go back and cancel it and switch to an eligible plan.
You have until Aug. 15 to take advantage of the special enrollment period, but taking action right away will ensure you get the new rates as soon as July 1.
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