Health insurance can be expensive and choosing the right plan can be tricky. Luckily, if your income is very low, there are many ways to receive financial assistance to help make your health insurance more affordable for you.
HOW TO MAKE INSURANCE MORE AFFORDABLE
If you qualify for Medicaid, this may be your cheapest option in terms of how much it costs you each month and when you use care. Medicaid will also cover any medical expenses you had in the 3 months before you applied if you were eligible for Medicaid in that time period.
If you decide to get health insurance through the Marketplace, you can apply for a tax subsidy (called premium tax credit) so that you pay less each month. This is based on your income level and household size.
- For how to best use the tax subsidies offered to you, talk to an enrollment assister.
- If you purchase a silver plan on the Marketplace and your income is below a certain level, you may also be eligible for “Cost Sharing Reduction Plans” to help you pay for deductibles and cost-sharing features of your health insurance. To find out if you are eligible for this program, contact your enrollment assister.
Because there are so many health insurance options available, choosing the right plan can be confusing. To find out what options are available to you and the plan that best fits your needs at the best price, talk to an enrollment assister.
Do not forget to re-apply for health insurance each year and keep track of when you enroll! You should receive a letter reminding you to re-enroll the month before your re-enrollment is due.
Depending on any life circumstances, such as being diagnosed with an illness or having a new baby, there may be other health insurance plans that fit your needs better. If you find that you need to see a specialist or go to a different hospital, you might want to change your plan to get a doctor that can treat you.
Working with an enrollment assister can help you re-enroll or find the best plan. Every year, it is good to think about how your health plan is meeting your needs at the best price available to you. An enrollment assister can help you with that.