The American Rescue Plan May Lower Your Health Coverage Costs

The American Rescue Plan is a federal law that lowers health care costs by providing new and expanded financial assistance to New Yorkers enrolling in health insurance through NY State of Health.  This enhanced assistance is available now to current enrollees and new enrollees, including to higher-income individuals for the first time.  

Yes. Before the American Rescue Plan, 2021 tax credits were not available to individuals earning more than $51,040 and a family of four earning more than $104,800. Through the American Rescue Plan, higher income individuals and families are eligible for the tax credits.

The amount of these tax credits is based on your income and where you live. For example, an individual in Kings County earning $55,000 per year who was not previously eligible for tax credits, will now receive over $230 per month, or $2,800 per year, to help pay for health insurance.

Higher-income New Yorkers can access the new tax credits now, but can claim them for prior months when they were enrolled in coverage through NY State of Health when they file their 2021 Federal taxes.