If you’re uninsured or underinsured, this is for you. Via Jenna Carlesso, CT Mirror:
Prior to the American Rescue Plan’s adoption, only people whose household income was at or below 400% of the federal poverty level qualified for subsidies. Beginning next month, Connecticut residents above that threshold will also qualify. Many people at or below 400% FPL will be eligible for increased subsidies.
Eligibility for premium tax credits depends on the number of people in a household and the household’s total expected income for a year.
Prior to the American Rescue Plan, a household under 138% of the federal poverty level would contribute up to 2.07% of its annual income to the coverage; beginning in May, it will be 0%. A household at 200% to 250% of the federal poverty level now contributes up to 6.52% to 8.33% of its annual income; that will change to 2% to 4% starting next month.
For qualifying residents above 400% of the federal poverty level (income of $51,040 for one person), their annual contributions will be capped at 8.5% beginning in May.
Full story here.