With very few exceptions, the Affordable Care Act requires everyone to have health insurance. If you’ve got it through your job, or you’re eligible for programs like Medicare or Medicaid, you’re covered. If not, you need to buy your own, or else pay a penalty. The “or else” in this sentence may make your heart race faster (not in a good way) and seem counterintuitive to a healthy life, but let’s be real. In the world we want to see, everyone has health coverage, regardless of his or her income level.
Whether you’re already paying for insurance, or you’re shopping around for the first time, help is out there. You might be eligible for a subsidy.
Any subsidy you’re entitled to is determined using a sliding scale, with the idea that the amountyou have to pay each time you receive care will be reduced. If you qualify, you’ll end up with lower you’ll end up with lowerdeductibles, co-pays, and coinsurance. How do you know if you qualify for a subsidy?
For a single person to qualify, they can earn between $11,880 and $23,760 a year(Minimum $16,394 in California and states that have expanded Medicaid). Earnings for a family of 4 can fall between $24,300 and $48,600 annually (Minimum $33,534 in California and states with expanded Medicaid).
A clear “must”: to be eligible for acost-sharing subsidy, you have to enroll in a silver-level plan. Your healthcare subsidy toolbox
We know that weighing your plan choices against qualifying factors can be tedious and discouraging at times. Your state’sexchange should offer tools and resources to help with your decision-making. These include: • Ratings for every health plan in every healthcare exchange • A calculation tool that determines the cost ofyour coverage under a given plan once any premium tax credits or cost-sharingsubsidies have been applied • A toll-free hotline for whenyou have questions • Health care navigators who are trained to help you shop for healthcareand understand your options
Certified insurance agents who have undergone specialized training to be able to offer you the best advice on selectinga plan
Got questions? Get in touch with us at BuyHealthInsurance.com and our pro team will provide any guidance we can to get you the subsidies you’re entitled to!