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Will You Get a Health Insurance Subsidy? You Might Be Surprised.

subsidyOne of the ironic points about the Patient Protection and Affordable Care Act on the horizon (also known as “Obamacare”) is that insurance rates are going to rise. In fact, they already have since the plans offered today are required to provide immediate benefits up front: most notably preventive care (physicals, screenings and immunizations) offered at no out-of-pocket cost to the patient.  It’s a benefit and it costs money.

However, with the inevitable rise of insurance rates also comes some good news. It is predicted that 70 percent of the American population will be eligible for a health insurance subsidy–federal money to go out and buy their own individual health insurance policy. Why is this number so high? The eligibility goes all the way up to 400 percent of the federal poverty level. What this means to you is anyone, any single person earning less than $45,960 or a family of four making less than $94,200 a year will get some financial help to pay their medical premium by the government. This subsidy is paid directly to the insurer and thus reduces your premium. By 2019, a family of four making up to $100,000 will receive this benefit.

Further, if you are making significantly less than that (such as a family of four earning less than $31,322, assuming Ohio expands Medicaid), you will qualify for Medicaid, which covers 100 percent of your premium. Single, childless adults will also be covered, which is not the case in all states. (Currently, Medicaid eligibility is determined by the states, but with PPACA Washington takes control of several  aspects of the program, including much of the cost).

If you are eligible for a health insurance subsidy or federal money, you will buy your policy on the federal health exchange, which is basically an internet web shopping site run by either the state you live in or the federal government. Whether you get it on the exchange or off the exchange, I think getting good counsel, help and support from a trusted health advocate will be important. If you have a trusted broker who specializes in individual health insurance, start asking some tough questions, if not, that is what we are here for at MyHealthQuoter.com. We can also be found on many of the social media sites:  Facebook, Pinterest, LinkedIn, and Twitter.

matt_81x106Matthew Byrne has made a career helping people find affordable health insurance in Ohio. He is the founder of MyHealthQuoter.com, a Dublin-based brokerage providing Ohio health insurance quotes and services for individuals, families and corporations. Mr. Byrne is a subject matter expert speaking frequently about Health Care Reform, Defined Contribution Programs, COBRA, and Medicare. He can be reached at (614) 336-3636, and online at www.MyHealthQuoter.com.

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