About 31 million Americans remain uninsured when it comes to health care. With the rising costs of medical care, even an emergency room visit has the potential to drive uninsured patients into bankruptcy. Other Americans are delaying crucial medical care in an effort to avoid the poorhouse. The fact is, you don’t have to choose between necessary medical care and poverty. The Affordable Care Act, or Obamacare, has put insurance coverage within reach of the majority of Americans.
You May Qualify for Subsidized Health Insurance
Massachusetts health insurance providers and insurance companies across the country are working with the government to provide subsidized healthcare plans. If you make between 100 and 400 percent of the federal poverty level, you qualify for a subsidized plan. For a family of two, the 2021 federal poverty guideline is $17,420. So as a couple, you can make up to almost $70,000 a year and still qualify for some sort of subsidy on your state marketplace health insurance.
Remember that state marketplace insurance isn’t for everyone. If you receive Medicare or Medicaid, you can’t add a private subsidized policy on top of that. If your employer offers you health insurance through work, you don’t qualify for a subsidy. However, if you really aren’t happy with the work plan you’re offered, you can still buy a marketplace plan without a subsidy.
You May Qualify for Medicaid
Another part of the ACA to consider is its expansion of Medicaid benefits. Only 12 states have failed to adopt expanded Medicaid benefit coverage. What this means for the majority of Americans is that if you make less than 133 percent to 138 percent of the poverty level (depending on state income limits), you are eligible for Medicaid. If you are in the small percentage of families that qualify for either plan, you should talk to someone at healthcare.gov about your options. In most cases, Medicaid will have lower costs, but if you have special medical needs, getting input can help you make the tough decisions.
You Can Always Get a Marketplace Health Plan
State marketplace plans aren’t just for people trying to make ends meet. The ACA is there to help more people get coverage regardless of income. If you’re an entrepreneur or working a lot of gigs without insurance, the health insurance marketplace is there to help you too. You’ll pay the full cost of each plan, but they have been organized into convenient categories to help you find the coverage you need. Bronze plans have lower monthly premiums but higher out-of-pocket medical costs. Plans proceed through silver, gold and platinum, with platinum having the highest level of benefit but also the highest monthly premiums.
Americans have called for an overhaul of the American medical system with its sky high costs. Those changes still haven’t happened, but with coverage through an ACA marketplace plan or expanded Medicaid, you don’t have to choose between your physical and financial wellbeing. With ACA coverage all your bases are covered so look into your options.