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The American Rescue Plan was introduced by the Biden Administration earlier this year as an ongoing relief effort in response to the COVID-19 pandemic. As our country continues to recover from the effects brought on by the pandemic, this plan aims to support Americans by providing funding to various sectors and individuals in need.
The American Rescue Plan was initially introduced to cover a variety of bases in response to the ongoing response to the COVID-19 pandemic. Some of its intended goals include the following:
- Establishing a national vaccination program
- Safely reopen schools
- Provide immediate relief to families in the form of $1,400 stimulus payments
- Support low-income areas hit particularly hard by the effects of the pandemic
The American Rescue Plan plays a significant role in providing updates to the health care system as it previously existed. Many of the health-focused aspects of the plan relate directly to COVID-19 responses. They include opportunities for improved access to the COVID vaccine, making healthcare in the event of the contraction of the virus more accessible, implementing requirements for companies to provide employees paid sick leave, and more.
Additionally, the American Rescue Plan intends to preserve and expand healthcare coverage. Millions lost employer-sponsored healthcare coverage as a result of the onset of the pandemic. On top of those that lost access to coverage, many others have had exceptional difficulties affording the payment of premiums, copays, and deductibles associated with their existing plans.
Through the introduction of the American Rescue Plan, President Biden has called on Congress to extend subsidized healthcare coverage through COBRA until the end of September. The implementation of this action provides Americans in need the opportunity to continue receiving the healthcare coverage necessary to maintain their physical health as the pandemic continues.
In addition to the extension of this subsidized health care offering, Biden is also asking Congress to expand and increase the value of the Premium Tax Credit. Doing so would lower or eliminate health insurance premiums and ensure enrollees will not pay more than 8.5 percent of their income for coverage.
At SBMA Benefits our goal is to provide ACA-compliant benefits that are both supportive and affordable for our beneficiaries. We believe that everyone should have access to affordable coverage to support healthy living and preventative care. For more information on our benefits offerings, call or contact us directly or speak to one of our brokers.