You may have heard about $0 premium health insurance through ObamaCare, but does that mean your healthcare is completely free? Some eligible individuals and families may qualify for an ACA Marketplace health insurance plan with a $0 monthly premium after available premium tax credits are applied. However, a $0 premium doesn’t necessarily mean $0 healthcare costs—you may still have deductibles, copays, coinsurance, prescription costs, and other out-of-pocket expenses. Understanding how ACA health insurance works and comparing more than just the monthly premium can help you choose coverage that better fits your healthcare needs and budget.
Eligibility for Affordable Care Act financial assistance depends on factors such as household income, family size, location, and other Marketplace eligibility requirements. Depending on your situation, you may also qualify for additional savings that reduce certain out-of-pocket costs. Instead of assuming you won’t qualify—or selecting a plan simply because it has a $0 premium—review the coverage, provider network, prescriptions, deductible, and other costs carefully. Contact Shields & Associates today to explore your Marketplace health insurance options and see what financial assistance you may qualify for.