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When it comes to deciding to sign up for a health plan, you probably have many questions, especially about how you are going to pay for it. You’re not alone in wondering how to afford a health plan. As you check out your options, here’s some information about the resources available for you and your family to help pay for your coverage.
Prices of Health PlansOne of the first questions you may ask when shopping for anything is, “How much will this cost?” You now have more choices when choosing health coverage under the Affordable Care Act.
The health care law helps many people pay for a health plan who may not have been able to before the law was put in place. Based on your income, family size and the health plan you choose, you may qualify for federal financial assistance. This could reduce – or even eliminate – your monthly premium. When you enroll, you’ll have a variety of plans to choose from based on your budget and health care needs. You will be able to see what your health plan will cost before you make a final decision to enroll.
The four levels of plans available during open enrollment: bronze, silver, gold and platinum, differ in the monthly premiums, the deductibles and other out-of-pocket costs, and the percent of services your plan covers. This chart shows the differences among the plans.
Paying Less for A Health PlanBefore you throw your hands in the air and say, “I cannot afford a health plan,” know that you might be eligible for financial assistance and you may be able to get lower monthly premiums and out-of-pocket costs based on your income, family size and the health plan you choose.
There are two ways you may get help paying for coverage: a premium tax credit and cost-sharing assistance.
Signing Up for Health Insurance Open enrollment for you to have coverage in 2019 is November 1, 2018, through December 15, 2018. You have to sign up by December 15 if you want a plan that starts January 1, 2019. Signing up for a health plan after this enrollment period will require qualifying for a special enrollment period. Otherwise, you will need to wait until the next open enrollment period to sign up for coverage starting in 2019.
Most recent update: 7/11/2018
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