There are a number of ways Floridians can save money on healthcare but you must do your homework
Yesterday, on a sunny day in Samford, Florida the Republican nominee for president Donald Trump was quick to point out the on the first day of open enrollment for the Affordable Care Act (Obamacare) customers might see some sticker shock when signing up for healthcare.
“The rates are going through the sky,” Donald Trump, Republican presidential candidate, said. Referring of course to the double-digit increases in battleground states like North Carolina and Iowa.
“Repealing Obamacare and stopping Hillary’s health care takeover is one of the single most important reasons that we must win on Nov. 8,” he said.
There is no question that with less than a week left in the race for the White House, Obamacare is a major issue. There is no doubt that premiums are high and going higher but there some ways for Floridians to save money when shopping during open enrollment.
According to the nonpartisan consumer website Legal Consumer.com there are a number of ways residents of the Sunshine State can save money during open enrollment. They have plenty of ways for consumers to get a better deals on insurance. Here are a few healthcare options they recommend but I suggest that you use along with other sites to get the information you need.
If you are under age 65 and not eligible for job-based health coverage or Medicaid, a tax credit — called the Advance Premium Tax Credit — may help you pay your monthly premiums.
The tax credit is available for those whose annual income is between 100% and 400% of the federal poverty level. The following income ranges will help you determine whether you qualify. (These amounts are based on the federal poverty level for 2014.)
$11,670 to $46,680 for individuals
$15,510 to $62,920 for a family of 2
$19,790 to $79.160 for a family of 3
$23,850 to $95,400 for a family of 4
$27,910 to $111,640 for a family of 5
$31,970 to $127,880 for a family of 6
$36,030 to $144,120 for a family of 7
$40,090 to $160,360 for a family of 8
If you qualify, you won’t have to wait until tax time to claim your credit. It can be sent directly to your insurer to immediately lower your premiums.
Reducing Out-of-Pocket Costs with Cost-Sharing Subsidies
Cost-sharing subsidies help you pay for out-of-pocket costs like co-pays and deductibles. They also lower the total amount you have to pay for health care in a given year. (The annual out-of-pocket spending limits for plans offered by HealthCare.gov will vary depending on the type of plan – platinum, gold, silver, or bronze. See How Much Does Obamacare Cost in Florida?)
Cost-sharing subsidies are available for people earning between 100% and 250% of the federal poverty level. The limits below will help you determine whether you qualify. (These amounts are based on the federal poverty level for 2014.)
Up to $29,175 for individuals
Up to $39,325 for a family of 2
Up to $49,475 for a family of 3
Up to $59,625 for a family of 4
Up to $69,775 for a family of 5
Up to $79,925 for a family of 6
Up to $90,075 for a family of 7
Up to $100,225 for a family of 8
Note that these out-of-pocket savings are available only for silver plans. Generally, if you qualify for the subsidy, you’ll get the out-of-pocket benefits of a gold or platinum plan for the price of a silver plan.
Your final eligibility for cost-sharing subsidies will be determined when you apply for a health plan at HealthCare.gov.
Be sure to do your homework on this issue, you can save some money.
