With the passage of the Affordable Care Act (ACA), finding affordable family insurance plans that work for your needs and budget are more accessible than ever. Among your employer, public, and private marketplaces, a variety of plans provide options for your health insurance needs. If your employer does not offer insurance coverage, you can still get affordable health insurance for your family.
Affordable family insurance plans include different coverage options depending on the policy, but your benefits often remain quite similar. What you pay in deductibles and monthly premiums can vary based on your family’s income and budget. With your budget in mind, decide if your family would benefit from higher premiums but lower out-of-pocket costs, or if lower premiums with higher out-of-pocket costs would be better suited.
In addition to examining your budget, determine how many times you anticipate needing medical care in the next year, if your current doctor or emergency facility is in network, what your prescription needs are, and whether or not you want a plan that offers dental and vision options.
How is "Affordable" Insurance Defined?
If you are offered health insurance through your employer, the government considers insurance affordable if the employee's contribution is less than 9.5 percent of his or her household income, not including the cost of adding family members to the plan.
If your employer either does not offer a health insurance plan or does not offer a plan that fits your budget, you can turn to public and private marketplaces to explore options. That’s where HealthMarkets Insurance Agency can help.
Premium Tax Credits and Cost-Sharing Reduction
If your employer does not offer insurance, cost-sharing reductions and premium tax credits are other options for securing affordable family insurance. Your income range, family size, and location of residence may qualify you for these subsidies to help you save on insurance costs.
You may qualify for a cost-sharing reduction if you have a household income of 100% and 250% of the Federal Poverty Line, and 100% and 400% for the premium tax credit. HealthMarkets can help you explore these options.
HealthMarkets Insurance Agency has helped millions of Americans just like you find affordable family health insurance plans with coverage that fits your budget and needs. With 180+ insurance companies and thousands of plans available nationwide, we can help you online, over the phone at (800) 360-1402, or in person with a local, licensed agent at no cost to you. Contact us today.
Consumer Reports: http://www.consumerreports.org/cro/2012/09/understanding-health-insurance/index.htm