If you feel like you can’t afford health insurance, you’re not alone; many struggle with paying their premiums every year. Health insurance is so important but can be overwhelmingly expensive, especially if you are low or middle income. Good news! There is assistance out there that can help you pay for your coverage.
In an effort to help everyone gain access to affordable health care, The Affordable Care Act created government assistance that covers or lowers health insurance premiums and out-of-pocket expenses for those who are eligible.
What is premium assistance?
The government calls them tax credits. The government will actually send your insurance company part of your Affordable Care Act health insurance premium payment. Or you can pay your whole premium and get the money back when you file your federal income tax at the end of the year. The government might even share the cost of your deductible, maximum out-of-pocket and co-pay expenses. It is not a loan; you do not have to pay the government back.
Get help from the get-go.
There is a lot to know about your eligibility and how you can get the most out of your health insurance. There are consequences for making costly mistakes if you apply online with no help. We at Jerry S. Pearlstein Insurance are a FREE help desk service that is happy to work with you every step of the way to get you the best plan, the best price and all the assistance you’re entitled to.
Get the timing right.
Open Enrollment is the time to enroll in 2021 healthcare insurance and get assistance. The dates this year are Sunday, November 1 – Tuesday, December 15, 2020.
If you miss Open Enrollment, you’ll have to document special circumstances and may not be able to get insurance or assistance for an entire year.
Understand how you qualify.
Here’s where it really pays to get help. Eligibility is based on the annual adjusted gross household income you project for next year, 2021, and how many people are in your household.
Here are examples of 2021 income ranges that qualify for premium assistance:
- An individual projecting an income range of $19,140 – $51,040
- A couple filing jointly projecting an income range of $25,860 – $68.960
- A family of three projecting an income range of $29.974 – $86.880
Unfortunately, government information is too broad to help you know what makes up your “adjusted gross household income” and determine if you qualify for assistance. With our expertise we’ve saved clients hundreds of thousands of dollars over the years of the Affordable Care Act. This is why Jerry S. Pearlstein Insurance is a multiple winner of the Elite Marketplace Circle of Champions award.
Know what plans get the most assistance.
Affordable Care Act plans come in Bronze, Silver and Gold levels. Here’s what online information doesn’t tell you:
Silver Plans get the most premium assistance and the most help with cost sharing, but you may see Silver plans with different numbers online: 202, 302. You need someone with experience to know which plan (and assistance) is available to you.
Talk to your free health insurance help desk to learn more.
Know what documents you need.
You will need to prove your income by providing these acceptable tax forms, social security documents or wages.
You will also need to provide some identification. Have these documents prepared before discussing options with our help desk.
Don’t use healthcare.gov.
Here’s why buying health insurance through healthcare.gov without help can lead to costly mistakes:
- Assistance paying premiums and co-pays is available, but online forms don’t explain what you’re entitled to. It is critical you understand this, and we are happy to sit down with you and explain it.
- If things go wrong, you’re all alone dealing with the government.
- We can help you determine your eligibility for subsidies and can spot policies that won’t work for you.
- We’re with you every step of the way and beyond.
The best health insurance resource you have is free personal help from Jerry S. Pearlstein Insurance. To learn more about our services and book your free consultation, go to https://jpearlsteinltd.com/ or call 847-362-8888.