Healthcare

The Centers for Medicare and Medicaid Services (CMS) opened a new COVID-19 Special Enrollment Period (SEP), February 15–August 15, 2021, at healthcare.gov.

CMS wanted to ensure that anyone who is uninsured would be able to have access to coverage regardless of their life circumstances, which means no documentation is required and coverage begins the very next month after enrollment.

Find more information here.

Income Taxes

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The deadline for filing 2020 tax returns is May 17, 2021.

The deadline to file for those requesting an extension on their 2020 tax returns is October 15, 2021.

Find coronavirus Information for Illinois taxpayers at Illinois Department of Revenue.

Payments on Credit Cards and Auto Loans

Credit Card Payments 

In this time of need, many credit card issuers are moving quickly to assist their customers by providing them with information and resources that may alleviate some of their financial burden. Please go to your financial institutions’ websites for information, or take a look at Credit Karma’s compiled list of credit card issuers’ assistance efforts and eligibility requirements.

Auto Loan Payments

Many lenders are offering auto loan relief programs to help their customers alleviate some of their financial burden. Find more information on Credit Karma.

Looking for Internet options? 

• Comcast is opening up their Xfinity hot spot program to all at no cost. The details for the program are located here.
• Comcast is now offering their lower cost internet plan here.

American Rescue Plan

Stimulus Payments

• Single people making less than $75,000, heads of household making less than $112,500, and married couples filing jointly making less than $150,000 qualify for stimulus checks. People making up to $80,000 will receive partial payments.
• Those with dependents will receive $1,400 per person, including college students and seniors claimed as dependents.

Unemployment Benefits

• The American Rescue Plan extended unemployment benefits until September 6 with a weekly supplemental benefit of $300 on top of the regular $400 benefit.
• The first $10,200 of unemployment benefits will be tax-free for people with incomes less than $150,000.
• Find more information at the U.S. Department of Labor.

Tax Credits

• For those without children, the American Rescue Plan increased the Earned-Income Tax Credit from $543 to $1,502.
• For those with children, the American Rescue Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children over the age of six and $3,600 for children under the age of six – and raised the age limit from 16 to 17. Individuals eligible for a 2021 Child Tax Credit will receive advance payments of the individual’s credit, which the IRS and the Bureau of the Fiscal Service will make through periodic payments from July 1, to December 31, 2021. This change will allow struggling families to receive financial assistance now, rather than waiting until the 2022 tax filing season to receive the Child Tax Credit benefit.
• The American Rescue Plan also increased and expanded the Child and Dependent Care Tax Credit, making more people eligible and increasing the total credit to $4,000 for one qualifying individual and $8,000 for two or more.

Lower Health Insurance Premiums

• The American Rescue Plan will lower or eliminate health insurance premiums for millions of lower- and middle-income families enrolled in health insurance marketplaces. This will help well over a million uninsured Americans gain coverage.
• A family of four making $90,000 could see their monthly premium come down by $200 per month.
• The American Rescue Plan provides a 100% federal continuation health coverage (COBRA) subsidy through September 1, ensuring that those who lose their jobs or lose their health care due to reduced hours don’t lose their health care.

Homeowner Assistance Fund

• Provides a minimum of $50 million for each state.
• An explicit mandate to prioritize socially disadvantaged households.
• Prioritizes those homeowners that have experienced the greatest hardships, leveraging local and national income indicators to maximize intended impact. Applicable funding uses include delinquent mortgage payments.

Emergency Rental Assistance

• Arms states and localities across the country to provide relief and assistance to vulnerable households.
• Provides a minimum of $152 million for each state.

Single-Family Mortgage Foreclosure Moratorium and Forbearance

• 2/25/2021: Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until June 30, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions.
• Borrowers with a mortgage backed by Fannie Mae or Freddie Mac may be eligible for an additional three-month extension of COVID-19 forbearance. This additional three-month extension allows borrowers to be in forbearance for up to 18 months. Eligibility for the extension is limited to borrowers who are in a COVID-19 forbearance plan as of February 28, 2021, and other limits may apply. 
• COVID-19 Payment Deferral for borrowers with an Enterprise-backed mortgage can now cover up to 18 months of missed payments. COVID-19 Payment Deferral allows borrowers to repay their missed payments at the time the home is sold, refinanced, or at mortgage maturity.
• Find more information at the Consumer Financial Protection Bureau.

Student Loan Forbearance

• Payments for student loans held by the federal government are suspended until September 30, 2021.
• Federal student loans will automatically have their interest rates set to 0% until September 30, 2021.
• Find more information on the Federal Student Aid website.

Retirement Funding

• The Butch Lewis Emergency Pension Plan Relief Act of 2021 restores financial health to more than 100 failing pension plans known as multiemployer plans (they covered more than one company's employees) for union workers.
• Retirees will receive the benefits they were promised based on their years of work