The passage of the Affordable Care Act made it mandatory for everyone to have some sort of medical insurance coverage. Many people were not greatly affected by the passage of this new law, because they receive insurance through their employer or have already purchased it privately. For the many families who are currently uninsured, however, insurance can be purchased through a regular carrier or through the government’s health exchange web site. When shopping for a Health Insurance policy, keep these things in mind to make sure that the health insurance stays affordable.
Health insurance is still available through private carriers, even if someone can’t get it through their employer. However, people also have the option of shopping on the health insurance marketplace offered through the federal government. This marketplace has many health insurance options and many of them can be subsidized based on individual or family income. These subsidies can make the insurance very affordable indeed.
While this may not fit the needs of every family, once way to save a lot on premiums is to choose a high deductible health plan, or HDHP. These sort of plans generally come with a fairly low monthly premium. However, the high deductible means that a family or individual will have to pay more money up front before the insurance kicks in to cover the rest of the costs. These can be paired with medical savings accounts, with which patients can pay medical bills using pre-tax dollars.
Part of the Affordable Care Act was also the expansion of Medicaid services, which are run jointly by the federal governments along with the individual states. Medicaid now has new minimum eligibility requirements which come out to around 15,000 for an individual or 31,000 for a family of four. Some states, however, have raised the income cut-off point, so it is worth checking out to see if those eligibility requirements are met.
Another important part of this new legislation is a law allowing young adults who are just out of college to get coverage under their parent’s plan until they turn 26, as long as they are living on their own, are employed and financially independent and are not eligible for health insurance from their current employers.
It is also a good idea to shop around — to check out what is offered on the health insurance exchange and compare it to what can be purchased privately. It is important to remember, though, not to just look at the amount of the monthly premium. The amount of the deductible is an important consideration as well.
Keeping these tips in mind will make it easier to find health insurance that is affordable for a budget, but which still provides the kind of coverage that individuals and families require to help meet their health care needs.