How to Reduce Premiums on Your Marketplace Plan


By Brian Ellenbecker CFP®, EA®, CPWA®, CIMA®, CLTC®

Have a Marketplace Health Insurance Plan?  Follow These Steps to Lower Your Premium!

As a part of the American Rescue Plan of 2021, Premium Assistance Tax Credits have been increased for anyone who is enrolled in a Marketplace plan for 2021 or 2022.  The amount of the credit available at all income levels has increased and the cap eliminating the credit for higher-earning individuals has also been eliminated.

Starting April 1, 2021, the new rules for the Premium Tax Credit have been programmed into the Marketplace website at   To receive the larger monthly credit and reduce your premiums as a result, you need to take action.

Here are the steps to follow if you haven’t done so already:

1.  Go to

2.  Click the “Update/Change Plans to Save” button on the home page

3.  Login to the site using your established login/password.

4.  Re-select your current plan to reduce your premiums for the remainder of the year.

    • You can also change plans, but if you do that your deductible will reset under the new plan. Any expenses you incurred so far this year under your old plan would not count towards the deductible on the new plan.  Consider your options carefully before switching plans.a

If you don’t proactively take action to lower your current premiums, you will still benefit from this law change.  You will receive a credit for the additional amount you did not receive on your 2021 tax return when you file it in early 2022.

Contact your Shakespeare advisor with additional questions.