SACRAMENTO (CBS SF) — State officials on Monday launched a new special enrollment period for Covered California to allow residents to receive reduced health insurance premiums available through the American Rescue Plan.

According to a release issued by Covered California, the new law will be able help an estimated 2.5 million Californians, including the uninsured and those who enrolled directly through a health insurance carrier, by providing additional assistance to lower coverage cost.

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“The new and expanded financial help provided by the American Rescue Plan will help more Californians get covered and stay covered by lowering premiums, and for many, putting money back into their pockets,” said Covered California Executive Director Peter V. Lee in the release. “The new financial help is only available through Covered California. You owe it to yourself to check if you benefit — and the sooner you sign up, the more you can save.”

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The law will subsidize low- and middle-income consumers who have been hit hardest by the pandemic and recession. Officials say the money saved by Californians will strengthen the state’s economy as residents take advantage of the benefits reducing their insurance premiums between now and the end of 2022, when the benefits are currently scheduled to expire.

“For some Californians, it means hundreds or even thousands of dollars back in their pockets to help them afford their housing, keep their business running, or assist with daily living expenses,” Lee said in the release. “For others, it means they will finally be able to afford health care coverage and get the protection and peace of mind they need as we recover from this pandemic and recession.”

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The Covered California website has additional details on the savings available for residents, including an American Rescue Plan savings calculator.