The Affordable Care Act is here and in full swing. 2014 is the first year that all American taxpayers are required to be covered by some form of individual health insurance. Rather than face tax penalties, you have options for finding affordable health insurance policies to cover you and your family.
One of the most affordable ways to acquire health insurance is to purchase it through the state health exchanges. These are state-managed programs that apply federal tax credits to your health insurance premium and, in effect, reduce your out-of-pocket monthly costs. Open enrollment for these programs will typically run from November through February, and may vary slightly by state. If you are an individual with lower income and are eligible for Medicaid, you will typically be able to enroll all year round.
If you missed the open enrollment period, your next option will be to purchase individual health insurance outside of the marketplace. You will have to pay full price and will not be able to apply the tax credit to the monthly bill, but you will reduce or eliminate any potential tax penalties. Getting a price quote is easy and you can often times get a preliminary quote online within a fairly short amount of time.
There are many companies online whose websites offer insurance premium comparisons and the web pages explain all of the affordable plans for you to choose from. These sites can be an invaluable tool when navigating through various plans and costs. You may even be able to sign up for a policy and pay for it right from the site once you are deemed eligible
The average hospital stay can cost more than you earn in a month. A trip to the hospital will result in charges from the hospital, the ambulance company, and the doctors and specialists that treat you. These expenses add up quickly and exponentially. Protect your savings and keep it in the bank by purchasing individual health insurance. You will not only save yourself money in the long run, but you will also give yourself and your family peace of mind.
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