The Affordable Care Act helps save Families Money on their Health Insurance Costs
Introduction
Remember back when we all had to pick between a car and an apartment? The car was reliable and affordable, but you wouldn’t be able to live in an apartment. Similarly, health insurance is one of those things that is essential to living a healthy life, but it can be expensive. Luckily, the Affordable Care Act (ACA) has made it easier for people to afford their healthcare costs by offering financial assistance through a number of programs. If you are looking for affordable health insurance plans in your area, you will most likely find affordable coverage with one of the health insurance companies listed on the health insurance marketplace. Let’s take a look at why the ACA has helped make health insurance more affordable for so many families today.
What is the Affordable Care Act?
The Affordable Care Act is a federal law that helps people afford health insurance. It made changes to certain tax credits, the eligibility of Medicaid, and the way insurance companies can charge for insurance premiums. The ACA has cut down on the cost of health care by about $4 billion since it was enacted in 2010. Since the passage of the Affordable Care Act, families have been able to get more affordable health insurance plans from outside their home state. This means that no matter where you live, you’ll be able to find an affordable plan with benefits that fit your needs.
The ACA offers financial assistance to help people afford their healthcare costs. One of these programs is called the Premium Tax Credit (PTC). The PTC helps people earn money back from taxes on premiums paid for qualified health coverage purchased through the Marketplace. This is a tax credit that only applies to individuals who purchase qualified insurance. It does not affect those who qualify for Medicaid or Medicare.
What are independent Insurance Agents?
Independent insurance agents are independent organizations that have the ability to broker health insurance for their clients. They provide a wide range of options for healthcare plans across a number of carriers as well as different coverage packages. With independent agents, you’re able to get a better price on your health care costs and know that you’ll be getting the same quality service no matter who you go through. Independent agents also offer more options than what your doctor or hospital may offer, which means they can help you find the plan that works best with your needs and budget. Working with a local independent health insurance agent is the best way to buy your health insurance plan.
How a Health Insurance Plan helps families.
The ACA helps make health insurance more affordable in a number of ways. With the help of Medicaid, you can get your healthcare needs met by receiving free or low-cost medical assistance. Additionally, with the help of tax credits that are offered to individuals and families who buy a qualified health plan and earn less than $46,000 a year, some families may qualify for up to $2600 each year to help cover the costs associated with purchasing their own health insurance. The cost of coverage is also lowered because many of the qualified plans come with lower co-pays and deductibles, which means you’re spending less out of pocket every time you visit your doctor. Finally, an individual or family who qualifies for premium tax credits will be able to receive a refundable tax credit amount that they can use towards the monthly premiums on their qualified plans. If you are considering buying a new health insurance policy, or if you’re looking for options outside your home state after the ACA was implemented, there are many ways to save money while still getting quality coverage today.
What are essential health benefits?
The ACA offers a number of different health insurance plans for families looking for affordable coverage. Essential health benefits are those that the law requires all health insurance plans to provide.
- Ambulatory patient services (outpatient care you get without being admitted to a hospital)
- Emergency services
- Hospitalization (like surgery and overnight stays)
- Pregnancy, maternity, and newborn care (both before and after birth)
- Mental health and substance use disorder services, including behavioral health treatment (this includes counseling and psychotherapy)
- Prescription drugs
- Rehabilitative and habilitative services and devices (services and devices to help people with injuries, disabilities, or chronic conditions gain or recover mental and physical skills)
- Laboratory services
- Preventive and wellness services and chronic disease management
- Pediatric services, including oral and vision care (but adult dental and vision coverage aren’t essential health benefits)
Open Enrollment
Health Insurance Open Enrollment period usually begins on November 1st and continues through December 15th. This is the period of time when you can review your health insurance plan, coverages, deductibles, and premium and make any changes if needed. Plans selected during open enrollment generally start on January 1st of the following year. If you are outside of the open enrollment period, you still may qualify to purchase or change health insurance policies if you have a special enrollment period or life event. Contact your health insurance broker to see if you qualify.
