HR, Benefits & business
Having adequate health insurance is essential. But, many people are dealing with medical debts. One of the critical health care issues challenging Americans today is affordability because of the rising cost concern. If you’re one of the ordinary Americans, the cost may be a great deal for you. This article talks about the three effective ways to afford healthcare expenses. Continue reading the information below to be enlightened.
Consider Risk Adjustment Program
The Affordable Care Act was approved since March of 2010. This program is applicable for individual and small group market. ACA helps in improving the affordability of health insurance coverage, especially to Americans who receive a low income. By mandated by government to everyone, it offers premium tax credits to citizens earning between 100% and 400% of the federal poverty level.
Good to know: Before, the ACA was mandated to everyone. But now, you won’t have to pay the penalty, (whether or not you are relieved from the individual mandate) if you don’t enroll in minimum essential coverage. It was levied on January 1, 2019.
Avail Veteran Benefits
If you or your spouse have assisted in qualified periods of conflict, both of you are eligible to have financial aid. This help is called Veterans Affairs Aid and Attendance or A&A benefit. Take advantage of this because you can use it to pay for your long-term care. To accomplish this, you need to write to your Pension Management Center.
Fund a Health Savings Account
As an employee or worker, you can open a health savings account or HSA. You can maximize this opportunity while you’re still receiving income. You could use this account for future long-term care expenses. The good thing about this is withdrawals are tax-free for eligible health care expenses.
Additional information to know:
Consider the three helpful tips mentioned above to deal with healthcare expenses conveniently. Secure your healthcare insurance plan from a reliable insurer to ensure a better future.
At Employee Solutions Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (833) ESG - SERV or Click Here to request a free quote.