How To Get Help Paying For Your Health Insurance
While the Affordable Care Act no longer imposes a penalty to those without health insurance, having insurance can give you a lot of peace of mind when it comes to your wellness and healthcare costs. If you aren't eligible for an affordable health insurance plan through your employer, buying a plan through the marketplace is likely your best option. If you're on a tight budget, though, you may be wondering how you'll be able to afford a plan with decent coverage and a reasonable deductible.
Fortunately, there are options that can help make health insurance more affordable for you.
Explore Subsidy Options
Subsidies are available to those who meet specific eligibility requirements. Specifically, a subsidy refers to direct financial assistance that can help you pay for your monthly health insurance costs. This is not a loan, as you do not need to pay a subsidy back. In order to qualify for a subsidy for health insurance, you must make below a certain income. However, the specific income can vary based on your family size, where you live, and other factors. You can explore federal subsidy options and apply online to get started.
Consider Medicaid Eligibility
Another healthcare option to consider rather than buying directly from the marketplace is to apply for Medicaid. The purpose of Medicaid is to provide coverage to low-income people, with each state managing its own specific Medicaid programs. Exact eligibility requirements for this health insurance program can vary by state, but you can learn more and apply online.
Look Into CHIP For Children
If you have children under the age of 19 who are uninsured, you may also want to explore the Children's Health Insurance Program (CHIP). This program offers low-cost or even free health insurance coverage to qualifying children up to their 19th birthday. If approved for CHIP coverage, dependent children receive not just medical but dental insurance as well. You can find out more about CHIP coverage and submit an application online.
In addition to these cost-saving options, there are many other resources that can help make medical insurance more affordable--especially for low-income families. From prescription programs to coverage specifically for citizens of United States territories (including Puerto Rico and the Virgin Islands), there are options available to you.
Having the right health insurance plan can give you a lot of peace of mind when it comes to your own health and wellness, so be sure to keep these resources in mind.