Whenever Individuals think of Health Insurance they always look for the cheapest one available but do they find out what are the benefits it has to offer? You may get the cheapest health insurance and pay for it and then realize it was a waste of money when you do not get the required coverage.
How to get Health Insurance when income is low?
If you want to buy insurance and get tax credits, you have to follow certain eligibility criteria. You have to be a citizen or a legal resident of the place. You can get your health insurance through the state’s health insurance Marketplace which is also known as the exchange. To avail of this benefit you need to earn $11,670 to $ 46,680 a year if you are single, or $ 23,850 to $ 95,400 if you belong to a family of four. Unfortunately if you happen to be earning less than $16,000 then you may be eligible for Medic aid, which will cost you less than a plan in the market place.
It is very unfortunate that all states do not offer Medic aid. If your earnings are less than $11,670 a year than you may not be able to get Medic aid or get tax credits. If you can get coverage from your workplace than you are not liable for tax credits. If your work place offers you coverage that is 9.5% of the income or does not cover about 60% of the cost of covered benefits, then you have to look for a more affordable plan in the Market place and may receive tax credits to lower your costs.
Facilities available for Health Insurance for low Income Individuals
To get affordable Health Insurance consumers need to take care of certain things. The first thing is to know the different options available in the state they are residing. There are several programs run by Federal government and state government which have to be known to the consumers. The second option is to know the terms and conditions and the eligibility criteria of each of them.
It is essential for customers to know their rights after a healthcare insurance is implemented. Within a short time they might be able to qualify for a particular plan or be able to avail of a particular health insurance plan. If the consumers can keep themselves abreast of this then there is no reason why they should not be able to land on an affordable healthcare plan which can take care of medical needs too.