Some Connecticut residents to see 2-year hiatus on health insurance premiums – NBC Connecticut
Over 100,000 people in Connecticut will soon pay much less for health insurance.
The state will receive $ 85 million from the American Rescue Plan to help lower monthly premiums.
“My family currently pays over $ 1,300 a month for health insurance,” said Rod Yearwood of West Hartford.
Yearwood says that amount will now be around $ 20 per month with the additional grants.
“We could also save money for retirement. We could also save money by paying extra bills and help our daughters with their college education, ”Yearwood said.
Representative John Larson says the purpose of the US bailout was to put vaccines in people’s arms and money in people’s pockets.
“Having good health is still important and reducing premiums for the people who are now going to be able to spend that money, as Mr Yearwood said, on the children he is trying to help get their university education,” said Larson.
Access Health CT will open a special registration period on May 1 for anyone wishing to purchase health insurance.
“Once the US bailout is implemented, over 50% of our customers will pay no or almost no premium,” said James Michel, CEO of Access Health CT.
This means that around 50,000 people will not pay monthly premiums for health insurance.
Michel says that includes about 10,000 clients who currently do not receive a subsidy because their income is above 400% of the federal poverty line.
“Some families will save more than $ 3,000 per month,” said Michel.
It will only last two years and parliamentary minority leader Vincent Candelora says it will create problems in the future.
“In my opinion, over the next couple of years health care is over-subsidized for residents and that’s going to create a cliff,” Candelora said. “And that’s going to create a problem two years from now – not only are they getting health insurance with no premiums and no out-of-pocket costs – on the other hand that’s going to be gone in two years. you have to be careful of a cliff that is being created.