How to deal with the ACA’s new tax credits
By The Sport Book’s authorThe new ACA tax credits will provide millions of Americans with a much-needed boost in their health insurance premiums.
And if you’re worried that you’ll be left with the same old plans, they’re not just for those with preexisting conditions.
Here are a few ways to keep your premiums under control.1.
Check the individual market.
If you’re on an individual policy, you can still save money by switching to a group policy.
In most states, if you sign up for one of the smaller plans, you’ll pay the full amount of your premiums, and if you don’t sign up, you still pay a smaller percentage of the cost.
However, some insurers offer discounts for individuals and/or families with pre-existing conditions.2.
Get your doctor to see you.
If your doctor says you can’t get insurance because of your pre-preexisting condition, you should check with your insurer or doctor to make sure they can do so.
If not, your doctor may want to check with a medical specialist to see if they can help you find a plan that will allow you to get health coverage.3.
Shop around for a plan.
You might be able to get a cheaper plan with a lower deductible and out-of-pocket costs.
However with all of the tax credits you can take advantage of, you might want to shop around a little bit to make the most of the ones that you’re eligible for.
For example, if your deductible is $5,000 and your out- of-pocket limit is $10,000, you could potentially get an $8,000 savings if you shop around and pick a plan with an average deductible of $6,000.4.
Talk to your family.
The new ACA subsidies will allow families to keep more of their health coverage than if they were on a group plan.
However if you have children, or are a single parent, you may want the ACA subsidies to be more generous.
The subsidies help you deduct some of the costs of the coverage you get from your parents, and the childless can qualify for a higher tax credit for those parents.5.
Ask your doctor.
If it’s not an out-patient visit, ask your doctor if there are other ways you can save money.
They may be able offer a discount for you, or help you choose the right plan.6.
Talk with your co-pay card provider.
Most employers will be able reduce your co of up to $2,500 per month.
If the employer is a large employer, it may be more affordable to get this payment through the co-pays card.
If so, it might be worth it to talk to your insurance company.
If this doesn’t work, they can negotiate a lower payment.
If that doesn’t come off as fair, talk to the employer to see what they can offer.
If they offer to cover it, you’re not going to get much in return, but it could be worth the tradeoff.
If you have more questions about how to sign up to buy insurance or how to stay covered, visit The Sport’s Health Care Guide to find out more.