|July 2020||Maximize your HSA e-Newsletter||Vol. 16, Issue 8|
Fast Help: Lowering Healthcare Costs to Get By
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
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
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
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
Your Personal Benefits Manager can present you with a range of options for lowering your healthcare costs. Health sharing programs, ACA subsidies, and even Medicaid are all viable options for saving money immediately. Thoughtful planning is needed to make sure you are not losing the coverage you or your family might need.
Visit us at HSAforAmerica.com or call today if you need assistance.
Click here to schedule an appointment, or call 800-913-0172 to get started.
To your health and wealth,
Wiley P. Long, III
President - HSA for America
The HSA for America Maximize Your HSA Newsletter is published monthly and emailed to subscribers at no charge. Subscribe now to stay on top of the critical information you need to know about health insurance, healthshare plans and managing your finances to achieve financial security.
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