has health insurance options for low-income families
Under the Affordable Care Act (ACA), families with modest incomes may qualify for subsidies that help make the cost of health care better within their budget.
levels of coverage within health insurance for low-income families
In general, there are four types of health insurance plans:1
- bronze: 60% of costs are covered by your health insurance provider; you cover 40%.
- silver: 70% of costs are covered by your health insurance provider; you cover 30%.
- gold: 80% of costs are covered by your health insurance provider; you cover 20%.
- platinum: 90% of costs are covered by your health insurance provider; you cover 10%.
- prescription drugs
- pediatric services
- preventive and wellness services, and chronic disease management
- emergency services
- mental health and addiction services
- pregnancy, maternity and newborn care
- outpatient services
- laboratory services
- rehabilitative and habilitative services and devices
- premium tax credit: Families earning between 100% and 400% of the federal poverty level ($26,500 – $106,000 a year for a family of four3) can get some, or all, of your covered monthly premium by direct government payments to your health insurance provider or by filing a tax return at the end of the year.4
- Cost-Sharing Reduction: Families earning between 100% and 250% of the federal poverty level ($26,500 – $66,250 a year for a family of four3) can get a Part, or all, of your benefits out-of-pocket costs (eg, coinsurance, copayments, deductibles) covered by requiring your health insurance provider to cover a higher percentage of costs than your metal tier indicates. 5.6
the 10 essential health benefits
These 10 essential health benefits include:2
subsidies can offer lower monthly premiums and reduced costs
what is the best health insurance for low-income families?
The best health insurance for low-income families depends on what’s important to you. it’s easy to compare plans with healthmarkets’ innovative fitscore®. just answer a few quick questions about your insurance needs and we can rank the health plans that best fit your needs, all at no cost to you.
Start comparing plans today!
references: 1.healthcare.gov. Retrieved from https://www.healthcare.gov/choose-a-plan/plans-categories/. accessed February 25, 2021. 2.healthcare.gov. Retrieved from https://www.healthcare.gov/coverage/what-marketplace-plans-cover/. consulted on February 25, 2021. 3.hhs. retrieved from https://aspe.hhs.gov/system/files/aspe-files/107166/2021-percentage-poverty-tool.xlsx. accessed March 19, 2021. 4.healthcare.gov. retrieved from https://www.healthcare.gov/glossary/premium-tax-credit/. accessed February 25, 2021. 5.healthcare.gov. Retrieved from https://www.healthcare.gov/glossary/cost-sharing-reduction/. accessed 25 February 2021. 6.kff. October 2020. retrieved from https://www.kff.org/health-reform/issue-brief/explaining-health-care-reform-questions-about-health-insurance-subsidies/
healthmarkets fitscore aims to identify plans that fit your needs. You should carefully review the official plan materials.