It is never a good idea to go without healthcare coverage, and this is doubly true these days. But there is no denying the fact that millions of people across the country are having a hard time paying for it. Whether it’s the financial downturn, the COVID-19 pandemic, or just modern healthcare in general, the costs are simply too high.

If you are looking for a way to trim the household budget, healthcare is one of the most visible targets. But simply switching to the cheapest option is a recipe for further financial stress. With one call to your Personal Benefits Manager, you can find out which lower-cost options are available without losing the essential coverage elements you need to stay protected.

If Your Income Has Changed, You Might Qualify for an ACA Subsidy

In the last few months, a good portion of our population has experienced significant job changes. Whether it is due to reduced hours, temporary furlough, or a change of position, millions of people have experienced changes in their annual income.

If your income has recently fallen, you may now qualify for an Affordable Care Act subsidy, which would make your ACA health insurance plan significantly less expensive. In addition, there might be a more affordable health insurance plan already waiting for you.

Health Sharing Plans Are Half the Cost of Obamacare

Even before our country was struck by the pandemic, the monthly cost of an ACA insurance plan was staggeringly high. An unsubsidized individual would be looking at an average premium of $440 per month. Unsubsidized family premiums are even higher, averaging $1,168 for a young family, and often going over $2000.

For people who don’t qualify for an Obamacare subsidy, health insurance costs like these simply aren’t viable.

Across the country, Health Care Sharing Programs are emerging as a popular, low-cost alternative to Obamacare. With plans at about half the cost of an ACA plan, health sharing provides a necessary route for Americans to escape the tight binds of health insurance.

Health sharing is not for everyone. There are sometimes waiting times for pre-existing conditions, and some plans lack coverage for things like preventative care and birth control. For these reasons, health sharing is a good option for individuals who are generally fairly healthy.  

Medicaid Is Available for Individuals and Families

If your income has fallen below a certain threshold, you might be eligible for health coverage through your state’s Medicaid Program. Children can also be covered by Child Health Plan Plus (CHP+).

The income threshold for Medicaid eligibility is based on the Federal Poverty Level (FPL). Individuals, parents, and caretaker relatives are eligible if the household income does not exceed 100% to 133% FPL, depending on the state. Children 0-18 and pregnant women over 19 are generally eligible if household income is under 200 – 260% FPL.

Because the FPL is determined by how many persons are in the household, your own eligibility requirements will vary.  

Eligibility requirements for both programs are based on Modified Adjusted Gross Income (MAGI) and might vary from these.

In Tough Times, Don’t Go It Alone