A Surprise That May Lower Health Insurance Premium Through The Government

November 2, 2017

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There has been a lot of political talk about the Affordable Care Act, sometimes referred to as Obamacare, as to its future. But a recent administrative move to stop cost-sharing reduction (CSR) payments to insurance companies in exchange for offering lower premiums to you, it may have actually made government-backed insurance more affordable.  While the subsidies to insurance companies have stopped and will make patient premiums on the Silver Plan go up, the patient subsidies to help low and middle income families pay for insurance are based on the price of silver plans. In other words, the higher premiums are tied to higher patient subsidies. For many people, the subsidies are large enough they can get a bronze plan for free. Even crazier is that premiums for the higher coverage Gold and Platinum, which cost you more per month and offer more coverage, may actually cheaper per month than last year! Even if you didn’t qualify for a subsidy in the past, it’s worth checking again. That's because the details change every year as the federal poverty level goes up, and your own income, age, and family size, which aren’t constant from year to year.  In short, if your adjusted gross income is less than $48,240 if you’re single or $98,400 for a family of four and do not have an employer-based health insurance plan, you probably qualify for subsidies to help pay for health insurance . Even if you do not qualify for a subsidy, look to see which insurance company is offering the current plan and see if they offer the same plan” off the exchange” as some loopholes may play into your favor. Use this calculator [CLICK HERE] can tell you whether you get a subsidy based on your adjusted gross income, and then you can preview plans [CLICK HERE] to see actual prices.  The open enrollment for the Affordable Care Act continues now through December 15th and it is still the law for everyone to carry health insurance or face financial penalties. Just don’t assume that insurance will be too expensive. Now is the time to run the numbers and find out.

SOURCE: Lifehacker

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