The Affordable Health Care Act is in place to make health care more affordable but is it really affordable? With medical bills being one of the main causes for bankruptcy and financial ruin in the United States, the Obama administration had intentions on making sure every American would have coverage. As a matter of fact, citizens of the United States will now receive a tax penalty if they do not having coverage. While the intentions behind the policy are from a good place, the fail safe to insure that health insurance remains affordable are not in place because there aren't any laws that keep insurance providers from increasing rates.
With an increased number of people purchasing policies, the health care carriers assume more risk. Although health care providers are usually non-profit, insurance is big business. In business, changes in the market place trigger adjustments in customer rates to support budgeted profit margins or increase them. Inevitably, health insurance rates will increase for the consumer which makes health care under the Affordable Health care Act not so affordable.
Is there anything you can do to offset some of the costs? Yes. There is.
Get a supplemental health care plan that will offset insurance claims and decrease the chances of making a claim.
Just like with any insurance, increased risk of incidents will increase the cost of insurance. Owning a car that is a known target for car thieves will increase your car insurance premiums. You are more likely to place a claim for a stolen car than someone who does not own that type of car. Home owners that live in an inner city may pay higher premiums for home owner insurance because they are more likely to file a claim for burglary than someone who lives on a farm. However, those same companies offer discounts for every preventive measure you take to avoid making claims. Discounts for car alarms and anti-lock brakes. Discounts for home security systems and sprinkler systems. It's the same for health care insurance. There are supplemental care programs that decrease the odds of the customer filing a claim that the insurance company will have to pay thus decreasing the premium paid for health care insurance.
Avoid the tax penalty by making sure you have coverage by the deadline.
Households who are not covered by the deadline will have to pay a tax penalty. That penalty will be as much as $1000 per household. No one wants to miss out on tax refund money.
Apply for the subsidy.
The government understands that these policies can get expensive based on pre-existing conditions and family size. They are offering subsidies based on income and family size to help cover the cost of coverage.
All Americans must have health care insurance with the Affordable Health Care Act. While it may seem unaffordable, it is more costly to not have it. Having an ACA approved health care plan for your family helps avoid hefty tax penalties and government subsidies are available for certain household income levels. Supplement health care programs lower your risk of filing a claim, putting you in a place to receive discounts on your coverage.
Fancy Free, LLC. affordable Care Act compliant health care as well as supplemental care that save our customers money on their insurance. Call us at (410) 929-0302 for your free consultation and quote.