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2022 Open Enrollment Not The Same As It Ever Was

November 1st, 2021 – Open enrollment season for individual/family health insurance began today and continues to January 15th, 2022.  While the open enrollment ritual seems familiar, things are different this season.

The pandemic lead to the passage of the American Rescue Plan law last March and the law has a lasting impact on individual and family health insurance that carries over into next year.  Notably, the American Rescue Plan eliminated income caps the previously limited who could get federal tax credits to lower the cost of health insurance.

Long story short, if you made too much to qualify for tax credits in the past, it’s possible you might be eligible for tax credits next year.

Not only did the American Rescue Plan get rid of income caps for tax credits, it also limits the amount that families who buy their own health insurance pay to 8.5% of their household income.  And, there’s more.  The American Rescue Plan also boosted tax credits for lower income Coloradans.

That being said, not everyone will get a tax credit.  Even though the “line in the sand” income caps are gone in 2022, federal tax credits still disappear once you reach a certain income level, relative to your insurance premium costs.  Also, the federal tax credits are not available to people eligible for Health First Colorado, Medicare, people who buy insurance directly from insurance carriers or people who have access to affordable coverage through an employer.

As always, it’s complicated.  Fortunately, Colorado Health Insurance Brokers’ Agents are all certified by the Connect for Health Colorado marketplace and our services are available at absolutely no extra cost to you.  Get a quote and your 2022 federal tax credit estimate for health insurance coverage in Colorado.



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