Health Insurance Exchanges Required to Open This Month. You May Qualify for a Free or Low-Cost Plan
ACA SPECIAL ENROLLMENT ENDS IN:
- Close to four million uninsured individuals will be eligible for a zero premium payment plan, while 4.9 million others could get subsidies with greatly reduced costs.
- As part of the American Rescue Plan package, the White House has increased the financial help available on the state’s and federal health insurance exchange.
- If you’re currently covered or new to the process and need assistance. We are here to help.
If you are among the millions of individuals across the country with no health or medical insurance, there is a chance you will be able to change that soon. Either through the federal health insurance exchange or your state exchange, depending on where you live.
A special enrollment period, that kicked off on February 15th and will run all the way through till August 15th, allows individuals to opt for a plan through the federal Affordable Care Act health exchange. After the President’s authorization via executive order last month, the reopening will be a part of the administration’s effort to extend affordable coverage to a larger number of people across the country.
“If you are uninsured, there is a very good chance you could get free or low-cost coverage,” said Cynthia Cox, a vice president at the Kaiser Family Foundation and director of its ACA program. “A lot of people can get either new Medicaid programs or a free to low-cost plan on the exchange,” Cox said.
Before the pandemic, close to 30 million people were living without any health insurance, and since then, this number has been increasing every day. And if that wasn’t bad enough. According to the Kaiser Family Foundation, due to the downward trend in employment, an estimate of two to three million workers have lost their employer-based health plans in the time between March and September of last year.
Most enrolled individuals receive subsidies in tax credits that significantly reduce the overall cost of their premiums. Furthermore, these individuals can also qualify for other cost-sharing programs, like help in paying their deductibles.
According to Kaiser, close to 4 million individuals with no health or medical coverage can get a plan through the exchange that comes with no premium payments. While 4.9 million more can get subsidies that help reduce the cost of such plans.
The White House is also working on pushing an increase in the total number of subsidies granted as part of this next economic relief package, which Congress is currently working on. This will significantly help many
people with their health insurance plans as, according to ValuePenguin.com, 45% of people aren’t happy with the cost of their current plans. Many claim the cost of such plans are still higher than what they expected.
The Push to Qualify More People
According to the ehealth 2020 ACA index report, the average national unsubsidized premium for a “silver” plan, done through the ACA exchange, costs $462 per month. However, this amount is subject to change as costs vary from place to place and whether you qualify for a subsidiary or not.
In the United States, there is a federal poverty level amount that changes yearly with inflation. If your family income, based on the household size, is less than 4x of that amount, then you are eligible for premium subsidiaries. In simpler words, a family of two would qualify, with income ranging from $12,760 to $51,040, while for families of four, it would be $26,200 to $104,800. However, those amounts are currently being increased at this very moment and we will soon be able to provide subsides for even higher income brackets.
Making the Process Easier
To help you understand this more and start the process, especially if you are new individual health coverage, you can check out indyhealthagent.com and see what plans you have available. Simply enter general information about yourself, including income and number of dependents, and the site will do the rest.
One of the best places to start if you’re new to this is indyhealthagent.com, where you can explore your plan options. The site lets you enter general information about yourself, including income and the number of dependents, for personalized recommendations. All without entering personal contact details or other detailed information. Or you can contact the site owner, agent Larry Medcalf to answer any questions and walk you through the process.
Your eligibility for monetary help will be calculated, regardless of whether it would be through Medicaid or other premium subsidies. Additionally, your children may qualify under the Children’s Health Insurance Program, or CHIP, even if you are eligible for coverage through the marketplace. Whether you use the government provided call centers, our website for enrollment, Larry or his licensed assistant Sally, these services are provided by the carriers at absolutely no additional cost to you. Click here to research local health plan information or to contact the agents for personalized assistance.
Larry Medcalf, CLU®
A graduate of Marian University in Indianapolis with a BS degree in Human Resources and Management. Larry has over 15 years experience in financial services serving individuals, families, and small business owners primarily in Central Indiana and Northern Alabama. In the last 10 years, he’s focused on providing group health, Medicare and individual benefits. If you have questions or need help with your benefits, you can reach Larry directly at 317-514-8696 (call or text) and email@example.com.