There is a reality called forgiveness. Again, there is another reality called redemption. A person may be forgiven for a crime but may not be redeemed to the former privileges they enjoyed. It is of the utmost importance to understand what the grace of our Lord Jesus manifested in His death, burial, and resurrection has done for us. It is through understanding what has been received that we may do and be what God has ordained for us.
Our verse today states that we have been redeemed through the blood of Jesus. This means that every access and privilege humans lost with the fall of Adam has been reinstated for those who come to the Father through the blood. The second thing to note is that the forgiveness of God is available, and this precedes redemption.
Therefore, while we were yet sinners, Christ died for us to eject us from our ways of trespass onto the highway of life and glory. Our sins (past, present, and future) have all been atoned for. We have also been redeemed and not only forgiven. This is all possible because of the grace of God.
We have been restored to the fullness of life and the privilege of sonship again because of the blood of Jesus. Hallelujah!

Dear Heavenly Father, I thank You for the richness of Your grace that leads to salvation. I thank You that while I have been forgiven, I have also been redeemed and restored to my place of glory. I have the Spirit of Holiness, and my being is renewed. I have not made redemption possible by my own power but only by Your grace. Thank You, Father. Thank You for the blood of Jesus that cleanses me of every trespass now and forever. 
In Jesus's name I pray. Amen.