Is It Possible To Get An Affordable Health Insurance Policy?
It is unfortunate that many people take their health for granted. They spend the better part of their day doing passive jobs in polluted environments. Most of the time, they are under stress from work and daily obligations. As if that is not enough, they mostly consume processed foods, which is comparable to signing one’s own death certificate.
While it is everyone’s wish to have a healthy lifestyle, life seems to oppose every attempt at it. It is, therefore, not surprising that many people are ailing from lifestyle diseases at the moment.
To take care of one’s health, it is advisable to have a health insurance policy. Given that it is now mandatory for US citizens to have a health policy, how can you find an affordable one? If you are wondering about this, this article is for you!
See if You can Get a Subsidy
You can acquire a healthcare insurance plan in two ways–either by purchasing directly from a carrier or by going through a marketplace. Going straight to the insurance company might be a little more expensive since you are paying directly. If you choose to do it through the marketplace, you will pay less because a portion of the premiums will be paid by the government.
However, be very careful about acquiring an insurance cover from the marketplace; it may backfire on you as it is a double-edged sword. Sometimes, the government sets the minimum amount to cover for insurance plans. There are times when they are higher than what the insurance companies charge. Nonetheless, if you can get a subsidy from your income-based tax credits, then it might also be worth checking out.
Unites States citizens can get a subsidy if they earn less than 400% of the federal poverty level, which is around $47,520 or less per year for an individual, and below $97,200 for a family of four. Once you go on the exchange website, you will be asked about your income and family size to determine your eligibility.
Investigate Your Parents’ Plan
Many college graduates are nowadays having a difficult time landing a job with built-in health insurance benefits. However, things are easier now because health insurance institutions offer to cover young-adults through their parent’s health insurance plans. You can start saving for your own health insurance as you start out just until you turn 26. This will serve as a great way to insure your health before you acquire your own cover later on. However, you must see to it that you follow the guidelines set to become eligible. For one, you need to be single and living under your own roof. You also need to be financially independent and ineligible to obtain insurance through your employer’s plan.
Decide if a Basic Plan Covers Your Needs
The best way to keep your monthly income in check while still paying your health insurance premiums is by acquiring a high-deductible health plan (HDHP). HDHP is lower than the average premium rate, and you can also pair it with your health savings account. This enables you to pay for out-of-pocket medical expenses using pre-tax dollars. Furthermore, it is even better if you are in the 15% income tax bracket since it would be like you are getting a 15% discount on all health-related bills charged on you.
HDHP plan is also highly adaptable and upgradable. If you have some extra money, you can upgrade your plan to a “catastrophic” plan. This plan offers bare-bone protection, and it can cover up to three medical appointments or visits per year. Of course, the deductibles will be higher too. However, keep in mind that there’s a limitation in acquiring this plan. You must be below 30 years old to be eligible for this policy.
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