There is still no word if a fourth stimulus check would go out to the beneficiaries of the first three stimulus checks. However, there are new payments that will go out for specific individuals.
Affordable Care Act Requirement
Some Americans may be eligible for an additional amount because of their health insurance. This is in keeping with the medical loss ratio requirements in the Affordable Care Act. According to reports, due to the requirement, insurance providers have to spend 80 percent of premiums on claims and other activities like health assessments, hospital discharge plants, and patient safety activities. Twenty percent will then go to overhead. The ratio will change if the insurance is large group plans with 50 employees or more, and this time, it’s 85 and 15 percent.
If the requirement does not get followed, insurance providers have to give back annual rebates sent out in a premium credit or check. This year, Kaiser Family Foundation estimates that the rebate will be $2.1 billion, given to 10.7 million people. With this estimate, around five million in the individual market could get $300, those in the small group market could get $125, and those in the large group market could get $95, AL.com reported.
What must be noted is that those who receive coverage through employers may not receive a rebate. Likewise, the insurer is not required to pay the rebate if it is as small as $5 for individual plans and $20 for group plans, small or large.
Social Security Benefits
Another source of money that will be received by those eligible is the Social Security benefits. Recipients of this benefit are expected to see a significant increase by 2022. CNBC reported that the growth is estimated to be at six percent. The final increase will be announced by October.
Farm and Food Workers Relief
The Farm and Food Workers Relief grant program was also green-lit recently. Select individuals may receive up to $600 for the expenses they incurred in preparation for or preventing exposure to COVID-19.