American Rescue Plan
How the American Rescue Plan Will Help New Mexicans with Private Health Insurance Costs
The American Rescue Plan (ARP) was signed by President Joseph R. Biden on March 11, 2021. This new law will help New Mexicans with the cost of health insurance during these hard times. Health insurance protects your family against the high costs of medical care and helps you find doctors, hospitals and prescription drugs.
Here is what you need to know about how to get health insurance and how the American Rescue Plan could help you afford health insurance.
- The American Rescue Plan gives more people a chance to get low-cost or no-cost health insurance.
- You have to go to Healthcare.gov, which is the online health insurance marketplace where you can shop for health insurance plans. It’s the only place where you can get financial help from the American Rescue Plan to lower your costs.
- The American Rescue Plan has extra financial help so that health plans are even more affordable for you and your family.
If you want help picking a plan, beWellnm.com is New Mexico’s local website where you can learn more about your options and get free local help with enrolling in a health plan. Call 1-833-862-3935 or click here to find someone in your area who can help you understand your options.
If you’re already enrolled in a plan, don’t wait to update your account on Healthcare.gov. Average savings will be about $50 per person. The sooner you enroll, the sooner you’ll save. If you’re new to Healthcare.gov, the sooner you sign up, the sooner you’ll have health insurance! 4 out of 5 enrollees can find a plan for just $10 a month!
You probably have a lot of questions about how the American Rescue Plan can help you with health insurance costs. You can find some answers to the most common questions on the next page. If your question is not answered below, email Colin.Baillio@state.nm.us and we will get you an answer quickly.
The New Mexico Office of Superintendent of Insurance oversees health insurance in New Mexico. Visit osi.state.nm.us to learn more about the agency.
How the American Rescue Act can help you?
I am uninsured but my income is too high for Medicaid. Can I get health care coverage under the American Rescue Plan?
Most likely yes. Starting on April 1st, you can get extra help to lower your costs on Healthcare.gov. You have to sign up by August 15th. You can’t sign up again until November.
If you don’t qualify for a plan on Healthcare.gov or Medicaid, you can probably get a plan through the New Mexico Medical Insurance Pool. Call 1-844-728-7896 or click here to learn more.
I am currently signed up for a plan on Healthcare.gov and get Premium Tax Credits. Will my premiums be lower under the American Rescue Plan?
Yes. Starting April 1st, you can login to your Healthcare.gov account and reselect your plan to claim your extra Premium Tax Credits. If you want to switch to a different plan, you can do that too, but your new plan may not account for what you have already paid towards your deductible and out-of-pocket maximum. Check with your insurer to see if they will allow you to carry over your out-of-pocket payments to a new plan.
I am currently signed up for a plan on Healthcare.gov but do not get premium tax credits. Will my monthly payments be lower under the American Rescue Plan?
Your monthly payments will likely be lower thanks to the American Rescue Plan. Report your income on Healthcare.gov and pick your plan to claim your Premium Tax Credits.
I have a plan that I bought directly from an insurance company (not through Healthcare.gov). Will my premiums be lower under the American Rescue Plan?
Premium Tax Credits only apply to plans sold on Healthcare.gov. You will need to switch to a plan on Healthcare.gov to lower your monthly costs. Your new plan may not account for what you have already paid towards your deductible and out-of-pocket maximum. Check with your insurer to see if they will allow you to carry over your out-of-pocket payments to a new plan on Healthcare.gov.
I am a member of a federally recognized tribe. Can I get no-cost or low-cost health coverage?
Getting covered supports community health. It also strengthens the Indian Health Service (IHS) by bringing extra funding for health care. IHS doesn’t cover everything, so it is important to have Medicaid or other health coverage.
American Indians and Alaska Natives who are members of a federally recognized tribe can get health coverage under the Affordable Care Act. Many Native Americans can get a plan that doesn’t require monthly premium payments. You can enroll any time of the year. You may also be able to get a plan with no out-of-pocket costs. That means when you visit a doctor or clinic or fill a prescription, you don’t have to pay anything.
I have a limited benefit or health sharing ministry plan. Can I sign up for better coverage and get help with my monthly costs?
Most likely yes. As long as you don’t qualify for Medicaid, Medicare, or affordable employer insurance, you can probably get a plan on Healthcare.gov. Under the American Rescue Plan, more people qualify for Premium Tax Credits that lower their monthly costs. Starting April 1st, you can get extra help on Healthcare.gov to lower your costs. You must be a citizen or a lawfully present immigrant to purchase coverage on Healthcare.gov or bewellnm.com.
I’m receiving Unemployment Insurance. How will the American Rescue Act impact my health insurance?
If you enroll in coverage through Healthcare.gov, you will soon be able to get a high quality plan for free. OSI is still waiting for guidance from the Treasury Department. For now, you should see if you qualify for extra help on Healthcare.gov.
I have health insurance from my employer. Do I qualify help with my premiums?
Most people who get health insurance through their job don’t qualify for Premium Tax Credits. But if the coverage your employer offers is too expensive according to federal standards, you still may be able to get assistance. Contact a local assister or broker to see if you qualify. Call 1-833-862-3935 or click here to find someone in your area who can help you understand your options.
When and how to enroll in Affordable Health Insurance
Who qualifies for Healthcare.gov?
If you can’t get Medicaid or Medicare and your employer doesn’t offer affordable health insurance, you can probably get reduced-cost health care coverage through the Health Insurance Marketplace, also known as Healthcare.gov. You must be a citizen or a lawfully present immigrant to purchase coverage on Healthcare.gov or bewellnm.com.
How long do I have to sign up for health insurance on Healthcare.gov?
You have until August 15th to sign up for a health plan.
When will my coverage start after I sign up?
Your coverage will start on the first day of the month after you sign up. For example, if you sign up for a plan on April 15th, your insurance will kick in on May 1st.
How can I get help signing up for health insurance?
Free, local enrollment assistance is available for New Mexicans. Call 1-833-862-3935 or click here to find someone in your area who can help you understand your options. You can also use beWellnm’s Live Chat feature to message an assister online.
Can I sign up for a plan by myself?
If you don’t want help signing up, click here to start your application right now.
I’m not ready to sign up but I want to see my options. Is there a way to window shop?
Click here to see plans and prices. Make sure to enter your estimated income to see how much you can save on your health insurance.
Financial help to lower your costs
What is a Premium Tax Credit?
The Premium Tax Credit lowers your monthly payments. You have to enroll on Healthcare.gov to get a Premium Tax Credit. Your Premium Tax Credit is based on your income and household size. The American Rescue Act gives you extra Premium Tax Credits to lower your costs even more.
How do I estimate my income to claim my Premium Tax Credit?
You need to guess how much money you and people in your household will make in 2021. This can be hard, especially if you think your income will change during the year. You can report life changes if your income changes (see the next question). Click here to see what kinds of income to report. Click here to learn more about how to estimate your income.
What do I do if my income changes during the year?
Your income may be higher or lower than you expected when you signed up for a health plan. You also may get a raise at your job or lose a job. Report life changes like this to Healthcare.gov to make sure you are getting the right amount of financial help. If you do not report changes, you may have to pay some money back at the end of the year. You also may be able to get extra help right away if the change lowered your household income.
There are other kinds of changes that you may affect the size of your Premium Tax Credit. You should report these changes to Healthcare.gov too. Here are examples of changes you should report:
- The death of a person in your household
- Getting married
- Having a child
- Getting a new job that offers health insurance
Click here to learn about the kinds of changes you should report.