There Are Options for Health Insurance for Low Income Families
Under the Affordable Care Act, families making a modest income can qualify for subsidies to make the cost of healthcare better fit their price range.
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:
- Bronze: 60% covered by your health insurance provider, 40% covered by you.
- Silver: 70% covered by your health insurance provider, 30% covered by you.
- Gold: 80% covered by your health insurance provider, 20% covered by you.
- Platinum: 90% covered by your health insurance provider, 10% covered by you.
10 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 10 benefits include:
- Prescription drugs
- Pediatric services
- Preventive and wellness services, and chronic disease management
- Emergency services
- Mental health and addiction services
- Pregnancy, maternity, and newborn care
- Ambulatory patient services
- Laboratory services
- Rehabilitative and habilitative services and devices
Tax Credit and Reduction Subsidies
Specific to families making a low income, there is a subsidy program to help families make healthcare more affordable for them. There are two subsidies you may qualify for:
- 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.
- 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 determine your eligibility and learn how affordable your health insurance can be, request a free quote today.
http://www.forbes.com/sites/investopedia/2013/10/01/how-to-choose-between-bronze-silver-gold-and-platinum-health-insurance-plans/ | https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Questions-and-Answers-on-the-Premium-Tax-Credit | http://kff.org/health-costs/issue-brief/cost-sharing-subsidies-in-federal-marketplace-plans/