Biden passes the American Relief Act- What that means for Your Healthcare and Your Wallet

On March 11, 2021 Biden passed the American relief act at a price tag of $1.9 trillion. This act will:

The highlights:

• $1,400 direct checks for Americans earning up to $75,000 ($150,000 for couples), phasing out at $80,000 ($160,000 for couples)
• Extends the $300/week boost to unemployment benefits through August
• $350 billion to state and local governments
• $160 billion for vaccine development & distribution
• $130 billion to help reopen K-12 school and colleges
• $30 billion to help renters and landlords
• $50 billion for small businesses
• Raises child tax credit to up to $3,600 per child
  
  Additionally, it will increase subsidies for health insurance up to $85 per month per person for those eligible starting April 1. ​you can update your marketplace application to realize the savings or it will be reconciled at tax time. Read more about that https://www.cms.gov/newsroom/fact-sheets/american-rescue-plan-and-marketplace?utm_campaign=hcgov_ab&utm_content=english&utm_medium=email&utm_source=govdelivery
  
  

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Author: Heather Majka, owner of Citizens Insurance Solutions Tennessee’s only Social Security Claiming Strategist.