If you’ve been paying costly premiums for your insurance plans, you might think that affordable healthcare coverage is a myth that insurance companies tell their clients to give them hope. As mythical as it may seem, affordable healthcare coverage does in fact exist through the Affordable Care Act, or ACA plans. Here is how ACA plans work.
- You can work with an insurance agency: One of the best ways to make ACA plans work for you is working with an insurance agency, like us at Jeannie Pierce Insurance Agency. That way, an insurance agent can help you find a plan for the best pricing to match your income.
- You’ll still need to pay a premium: With ACA plans, you’ll still need to pay a premium, along with all the other typical parts of a regular insurance plan. Though ACA plans are not in fact free, the premiums are still affordable due to tax credits.
- Tax credits make it affordable: The ACA allows for assistance with your insurance costs through subsidies or advanced premium tax credits. The amount of tax credit is determined based on your household size and income. These tax credits are then applied to your monthly premium to make your insurance more affordable. That way, you can get quality insurance at a fair price.
There is a lot that goes into ACA plans. If you would like help understanding these plans or applying for a tax credit, you can give us a call. We’d love to get you set up with a plan that is right for you.