A Rehash, Stimuli Considered, And ACA Healthcare Insurance Assistance

I am sure by now many of you have read what the gov is and is not doing for us. The later is more prevalent as can be witnessed in the stimuli being offered. I am going to ask you to pay attention to the last item on ACA Healthcare Insurance. Whether you qualified or not in the past, you may be eligible for assistance now. I have broken this out into 4-points of which many of us might find ourselves. If you questions, PLEASE ASK, I will try to answer.

The Rundown

Goldman Sachs projects that after a 30% spike in jobless claims last week, to 281,000, new claims will hit 2.25 million this week — an unprecedented surge.

Treasury Secretary Steven Mnuchin warned Republican senators Tuesday morning that without action the coronavirus pandemic could drive up US unemployment to 20%, a Republican Senate source told CNN.

Mnuchin’s comments came as he urged Republican senators to act on economic stimulus measures totaling $1 trillion designed to avert that kind of worst case scenario. A 20% unemployment rate would be double the unemployment rate during the Great Recession, the highest in the US since the Great Depression, and it would leave more than 32 million Americans out of a job based on the current US labor force.

During the Great Recession of 2008 to 2009, approximately 9 million people lost their jobs. Losses this time around could far exceed that total if economic stimulus is not enacted.

I am not sure if it can get any worst than this; potentially lose your life, lose kin, lose your job, lose your healthcare, or lose whatever resource you might have.

Senate Republican Stimulus for People

– a direct payment to qualified Americans of up to $1,200. Married couples could get $2,400. Taxpayers who earn more than $75,000 annually will begin to see that payment reduced by $5 for every $100 they earn over the $75,000 threshold, with those who make more than $99,000 getting nothing. Families with children would get $500 per child.

While a Treasury Department outline circulated earlier in the week had called for two payments from the IRS — one each in April and May — the Senate GOP proposal only calls for one check at this time.

– The poorest families, those with no federal income tax liability, would see smaller benefits, though the minimum would be set at $600. About 22 million people earning under $40,000 a year would see no benefit under the GOP plan, according to an initial analysis by Ernie Tedeschi, a former Obama administration economist.

Business is the big winner under the Republican Senate Plan. I am waiting for a cohesive Democratic plan. Perhaps, I missed it?

ACA Healthcare Insurance

There are some things which will help people who lose their jobs and subsequently healthcare. Andrew Sprung at xpostfactoid also writes at Health Insurance Org. Today he wrote about “Uninsured in a pandemic? Seek help – it’s likely available.”

1. If you lose your job – and your employer-sponsored health insurance with it – you become eligible for a special enrollment period in the ACA marketplace. You can apply through HealthCare.gov if you’re in one of the 38 states that use the federal website. Twelve states and Washington D.C. run their own ACA exchanges. You can access those sites from this list. You can also get assistance from a licensed broker through this site.

2. If your estimated income for the year – including expected unemployment insurance – is below 400% of the federal poverty level ($49,960 for an individual, $67,640 for a couple, $103,000 for a family of four), you probably qualify for advanced premium tax credits – aka premium subsidies – a federal subsidy that picks up much or most of the monthly premium for plans offered on the exchange.

3. In the 36 states (and the District of Columbia) that have implemented the ACA Medicaid expansion, you should qualify for Medicaid if you lose your job – or you’re a freelancer who loses much of your income – and your monthly income going forward is below 138% of the federal poverty level ($1,468 for an individual, $3,013 for a family of four*). Apply through your state Medicaid office or website.

4. Important note for those whose income falls abruptly, e.g., to zero: While the ACA marketplace (HealthCare.gov for 38 states, state-based exchanges in 12 states and D.C.) calculates subsidy eligibility and Medicaid eligibility on the basis of yearly income, State Medicaid departments determine Medicaid eligibility on the basis of monthly income. Accordingly, if your earnings before layoff or loss of work were substantial, and your income going forward is zero or below the Medicaid threshold, you should apply for Medicaid through a state office or website, not through the ACA marketplace.

The main provider for healthcare insurance may be Medicaid. Pre-Medicaid expansion, rule of thumb was about 1 million Medicaid enrollment increase for every 1 point increase in unemployment rate. More than likely higher with many more parents and other adults potentially eligible in expansion states (Prof. Edwin Park, Georgetown).

Hopefully, the better souls and minds prevail in determining what stimuli is used to assist people. If you need some assistance in finding information, please ask and I will assist.

Sources of Information which will lead to other place:

Uninsured in a pandemic? Seek help – it’s likely available,” Health Insurance Org., Andrew Sprung, March 20, 2020

The ACA as recession insurance, revisited,” Xpostfactoid Blog, Andrew Sprung, March 20, 2020

CR’s Guide to the Coronavirus freebie informan

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