Blue Cross and MVP Members Can Transfer Health Plans and Qualify for Federal Tax Credits
Waterbury, VT – Open Enrollment ended earlier this month for Vermont’s health insurance marketplace, Vermont Health Connect. However, the opportunity to save thousands of dollars remains open for one group of Vermonters. Individuals who are enrolled directly with an insurance company can transfer their plan into the marketplace anytime. Once they do, they may qualify for Federal tax credits starting the next month. That means a Vermonter who transfers by next Monday (January 31), may get 11 months of tax credits for 2022.
Vermonters are often surprised to learn that households with relatively high incomes may qualify for the tax credit. This year, Vermonters in single plans with household income up to $105,000 and those in family plans with income up to $297,000 may qualify.
"The savings can be quite significant,” said Andrea DeLaBruere, Commissioner of the Department of Vermont Health Access, “and anytime we can play a role in improving the health and well-being of Vermonters by improving access to quality health care, it furthers our mission.”
Blue Cross and Blue Shield of Vermont and MVP Health Care® continue to encourage their direct-enroll members to transfer plans into the marketplace. Anything members have already paid toward their 2022 deductible will be honored when they transfer their plan, so there’s no reason not to act.
“Vermonters have an unprecedented opportunity to save significantly on their monthly health premiums,” says Sara Teachout, Director of Government Affairs at Blue Cross. “Every month that passes without making that call to Vermont Health Connect represents money leaving your wallet unnecessarily. When you switch, you still get the excellent coverage offered by Blue Cross, but due to the federal rules, you need to make the administrative switch to realize the full opportunity for savings.”
“As a local, mission driven health insurer in Vermont, the health and well-being of our members will always be our number one priority,” said MVP’s Senior Vice President and Chief of Sales, Kelly Smith. “We encourage our members to take advantage of these tax credits that will further enable them to access high-quality, cost-effective coverage through MVP.”
To get started, call Vermont Health Connect at 855-899-9600. Tell the representative you want to transfer your direct-enroll plan. Have a recent insurance bill handy, and tell the representative your plan name, who is covered by the plan, and who is listed as the subscriber. If you don’t have a bill handy, call your insurance company and ask them for your plan name and the subscriber’s name.