The more generous assistance, which lasts for two years, has reduced monthly premiums by more than 40% -- from $100 to $57, on average, according to the administration.
Under the American Rescue Plan, enrollees pay no more than 8.5% of their income toward coverage, down from nearly 10%.And lower-income policyholders receive subsidies that eliminate their premiums completely.
Also, those earning more than 400% of the federal poverty level -- about $51,000 for an individual and $104,800 for a family of four in 2021 -- are eligible for help for the first time.The larger subsidies are enabling customers to sign up for plans with more generous benefits and lower out-of-pocket costs and deductibles.The American Families Plan, which Biden unveiled in late April, seeks to make the enhanced subsidies permanent.