How Soon Might the Stimulus Arrive?
A shot in the arm of a different kind.
While many in the United States are beginning to receive vaccinations and people are starting to foresee a life after COVID-19, it remains clear that things aren’t yet back to normal. As a result, there has been a great deal of speculation about Congress putting forward an economic stimulus, covering the needs of both individuals and businesses.
While some businesses are opening in a limited capacity, it doesn’t make ends meet for both small businesses who have been forced to close for extended periods, nor their employees, who are about to see the end of another wave of enhanced federal unemployment benefits. That aid is set to expire on March 14, a date that is expected by some to serve as an overall deadline for economic assistance.1
There has been a great deal of speculation about what such economic assistance might contain. Some reports focus on the proposed $1,400 checks for Americans, others a proposed effort to increase the minimum wage to $15.00 per hour. While such programs may be possible through budget reconciliation, which would only require a simple majority in the Senate to pass, there is some debate as to how much of an appetite Senators have for such a wide-ranging proposal. All that remains certain is that, for many Americans, whether they run businesses or work for them, the need appears to be significant.1
This wave of economic stimulus may prove to be a much-needed shot in the arm of another kind, so to speak. You may have concerns about the upcoming stimulus, and further developments that come to light as the final legislation approaches. As always, I welcome your questions and concerns and look forward to an update on how you are dealing with these challenging times.
This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate; however, we make no representation as to its completeness or accuracy. Please note: investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Citations
1. CNBC.com, February 8, 2021
Good News for Obamacare Eligible Individuals
In the midst of all the chaos and uncertainty in the world today, there is some good news for individuals who missed the opportunity to get health insurance during the last open enrollment for Obamacare which was from November 1st to December 15th.
President Biden signed an executive order to open a special enrollment period from February 15th to May 15th for people who forgot or missed the opportunity to get health insurance through the health insurance marketplace.
The open enrollment This is great news for people who would like to apply for new coverage or make changes to their existing policies. You have until May 15th to apply or make changes to your existing marketplace policies.
This open enrollment period is specific to states which participate through the Health Insurance Marketplace. States that operate their own exchanges do not have to play by the same rules. For example, Connecticut will assess after one month if they need to extend it longer.
Why Did Biden Opened the Special Enrollment?
I am sure there are some political reasons, but one of the reasons why Biden decided to open up the special enrollment is because there was around $1.2 billion dollars in funds that were collected from health insurance companies for the purpose of marketing and creating awareness of open enrollment period which President Trump did not spend.
It is believed that many minority communities were not aware of the open enrollment period and may have missed the boat on getting subsidized health insurance especially during this time of the pandemic.
It is always a good idea to keep some health insurance in place to protect against unexpected major healthcare expenses. Some studies show that the number one cause of bankruptcies in America are due to healthcare expenses. Talk to your agent about your options.
Moneywise is hosted by Rajesh Jyotishi with Shalin Financial Services, Inc. Rajesh Jyotishi is a registered representative of Dempsey Lord Smith, LLC, which is a registered broker-dealer and a member of FINRA/SIPC. Advisory Services are offered through Dempsey Lord Smith, LLC. Rajesh has been a resident of Atlanta since 1975 and in the financial services industry since 1991. For questions, he can be reached at 770-884-8175 or at RJ@shalinfinancial.com. |
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