Health Insurance for Low Income Families


When looking for health insurance for low-income families, you may be surprised to find that you have more options than you think. With the passing of the Affordable Care Act (ACA), all families are required to purchase insurance or pay a steep fine, but for low-income families, the expansion of programs was designed to cater to the needs of those with limited incomes.

No matter your income level, HealthMarkets Insurance Agency can help you find an affordable health insurance to help you avoid paying the Individual Mandate. Our licensed agents are available to understand your unique medical needs and financial constraints to pair you with the right plan. With our network of over 180 insurance providers nationwide, we're confident we can find your family coverage.

Low-Income Families Have Health Care Options

Under the ACA, not only are health plans more affordable than prior to these laws, but families making a modest income can be eligible for subsidies to make the cost of health care better fit their price range.

Introduction of Metal Levels

Now when you purchase a health plan, you can choose the level of coverage, or "metal level," that works for your medical and financial needs. The amount of coverage you receive from your health insurance provider can be dependent on how much you pay for monthly premiums. 

In general, there are four types of plans:

  1. Bronze: 60% covered by your health insurance provider, 40% covered by you.
  2. Silver: 70% covered by your health insurance provider, 30% covered by you.
  3. Gold: 80% covered by your health insurance provider, 20% covered by you.
  4. Platinum: 90% covered by your health insurance provider, 10% covered by you.

Ten Essential Health Benefits

No matter which plan you purchase or how much you pay for it, the ACA guarantees 10 essential health benefits to those covered under health insurance. These benefits are considered necessary services to maintain good overall health, and are required to be covered when you receive care from an in-network provider. 

These ten benefits include:

  1. Prescription drugs
  2. Pediatric services
  3. Preventive and wellness services, and chronic disease management
  4. Emergency services
  5. Hospitalization
  6. Mental health and addiction services
  7. Pregnancy, maternity, and newborn care
  8. Ambulatory patient services
  9. Laboratory services
  10. Rehabilitative and habilitative services and devices

Tax Credit and Reduction Subsidies

Specific to families making a low income, the ACA also introduced a subsidy program to help families make health care more affordable to them. There are two subsidies you may qualify for:

  1. Premium Tax Credit: Families making between 100% and 400% of the Federal Poverty Line can get some or all of their monthly premium covered by either direct payments from the government to your health insurance provider, or by filing a tax return at the end of the year. 
  2. Cost-Sharing Reduction: Families making between 100% and 250% of the Federal Poverty Line can get some of all of their out-of-pocket costs (e.g. coinsurance, copayments, deductibles) covered by requiring your health insurance provider to cover a larger percentage of costs than your metal level indicates.

How Can Low-Income Families Find Health Coverage?

It's easy to find health insurance for low-income families when you talk to one of the knowledgeable, licensed agents at HealthMarkets. We offer free, no-obligation quotes for families looking for insurance the fits their budget and health needs.

To learn of your eligibility or about how affordable your health insurance can be, give us a call at (800) 827-9990 or request a free quote online today.

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Sources:

Forbes: http://www.forbes.com/sites/investopedia/2013/10/01/how-to-choose-between-bronze-silver-gold-and-platinum-health-insurance-plans/
IRS: https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit
KFF: http://kff.org/health-costs/issue-brief/cost-sharing-subsidies-in-federal-marketplace-plans/

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