Are You Worried About Paying the Premiums of Obamacare? 4 Helpful Facts You Need to Know

Health insurance is essential during a crisis. Testing for the coronavirus is free, but treatment usually isn’t. If you’re struggling to pay your premiums or if you are trying to obtain new health insurance coverage, here is what you should know about premiums and Obamacare.

The COVID-19 pandemic has impacted the lives of Americans across the country. More and more workers are laid off or furloughed in the United States. Therefore, you may have already begun to worry about how you can afford your health insurance.

Health insurance is essential during a crisis. Testing for the coronavirus is free, but treatment usually isn’t. If you’re struggling to pay your premiums or if you are trying to obtain new health insurance coverage, here is what you should know about premiums and Obamacare.

Who Qualifies for Obamacare?

Obamacare provides low Florida premium health insurance options to those who qualify. To qualify for Obamacare, you must: 

Obamacare does not have an income limit. However, if you have a low income and you meet other requirements, you may be eligible for programs such as Medicaid. Medicaid is a government program that provides low to no-cost health insurance to 72.5 million low-income Americans each year. In addition, you may qualify for Medicare if you meet age or disability requirements.

If you already have Obamacare, but you would like to change your plan, you must apply during an open enrollment period or qualify for a special enrollment period.

4 Things You Need to Know About the Premiums of Obamacare

Unsure of how to pay for the premiums of Obamacare? Here are four things you should know.

1. How Insurers Calculate Premiums of Obamacare

Five factors impact Obamacare premium amounts. Those factors are:

  • Your Age: The older you are, the higher your premiums typically are.
  • Where You Live: Premiums differ between counties and states based on state and local rules, cost of living, and insurance competition.
  • Your Use of Tobacco: If you use tobacco products, your premiums may be up to 50 percent higher than those who don’t.
  • Family vs. Individual Enrollment: If your plan provides coverage to your spouse or dependents, your premiums will be higher.
  • Plan Category: The health insurance marketplace includes bronze, silver, gold, platinum, and catastrophic tiered plans. Lower-tiered plans typically include lower premiums, but higher out-of-pocket costs. Higher-tiered plans have high premiums, but low out-of-pocket expenses. If you have a lot of medical treatment due to COVID-19, a higher premium plan may actually save you money by reducing out-of-pocket expenses.

2. How Your Premiums of Obamacare Can be Reduced

Premium tax credits reduce the amount of your premiums of Obamacare. The amount of premium tax credit that you receive is based on your income and household size. Therefore, you may qualify for additional premium tax credits if the COVID-19 pandemic has reduced your income or if there has been a change in the number of people in your household.

3. Update Your Income During the COVID-19 Pandemic

If you have Obamacare, you must keep your information up to date during the pandemic. If you experience a change to your income, household size, or address, you must report these changes. Doing so will help you review your options for insurance, and the marketplace may help you save money by:

  • Informing you if you qualify for Medicaid
  • Providing additional premium tax credits to reduce your premium amounts
  • Determining if you are eligible for a special enrollment period that will allow you to change your insurance plan

4. What to Do If You Can’t Afford your Premiums of Obamacare

If you cannot afford your premiums of Obamacare because of hardship due to COVID-19, you must contact your insurer right away. Ask your insurer if your payment deadline can be extended or how you can avoid the termination of your coverage. Your insurer may be able to provide you with a payment arrangement or a grace period due to the pandemic.

Let an Agent Help You Find Low Florida Premiums

If you’re struggling to make payments for your premiums of Obamacare, you may have options. You could qualify for an assistance program, such as Medicaid, or you may receive a lower premium because of premium tax credits. If you are eligible for a special enrollment period, you can look for a more affordable plan. Are you struggling to pay your premiums of Obamacare? Fiorella Insurance Agency is one of the largest licensed insurance agencies in Florida, with 66,000 healthcare customers and rising. Contact us today to explore your options or get started right away by completing the form below.

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