Recent changes to the Affordable Care Act made through the American Rescue Plan mean more Minnesotans will be able to access tax credits through MNsure.
The changes lower premiums for most people who are currently enrolled through MNsure and expand access to tax credits to many Minnesotans who previously made too much money to qualify for financial help. Minnesotans who are not currently enrolled in a plan through MNsure, including those who are uninsured, have until July 16 to enroll in coverage.
Beginning Tuesday, April 6, Minnesotans with a household income that already qualified them for financial help (such as individuals earning up to $51,040 a year, or a family of four earning up to $104,800), can see how much they will save with the new, expanded tax benefits when they shop and compare health plans on MNsure.org. Anyone enrolled in a plan outside of MNsure, or who is currently uninsured, can enroll in April and see the expanded benefits when their coverage starts on May 1.
Minnesotans who already receive tax credits through MNsure will see increased savings this spring. Current enrollees do not have to do anything to receive the enhanced benefits. MNsure will recalculate the tax credit increases and send the updates to health insurance carriers to be processed this spring.
“The increased financial help will lower premium costs and make health care coverage more affordable than ever before,” said MNsure CEO Nate Clark. “Minnesotans could save hundreds or even thousands more each month with these expanded tax credits. Don’t wait. You can enroll today. Visit MNsure.org and see how much you can save on your health insurance.”
Expanded tax credits through the American Rescue Plan are retroactive to January 1, 2021, or an enrollee’s first day of coverage through MNsure. This means MNsure enrollees will receive the full value of their tax credits regardless of when they see updated tax credits on their monthly billing statement. Any tax credit not taken directly off an enrollee’s monthly premium may be included in their income tax refund when they file their taxes next year.
Minnesotans with a household income that was previously too high to get financial help (such as individuals earning more than $51,040 a year or a family of four earning more than $104,800 a year), will receive their new benefits this summer. More information will be available in the coming weeks. Visit the MNsure website to get an estimate of potential 2021 savings.
These expanded tax credits through the American Rescue Plan are in effect through calendar year 2022.