Without a doubt, Obamacare or the Affordable care Act wants nothing but good for the people. However, what hinders people from fully accepting it is the cost they will have to pay for the insurance. This is why everyone has to know how much the health care plans under Obamacare cost.
The florida insurance rates under obamacare to be paid by a person depends on five factors: which include the qualification foe subsidy, level of coverage, the state, age and if one smokes or not. Here, these factors will be thoroughly explained.
Do you qualify for subsidy?
There are possible ways in order to save money on Obamacare in Florida and it is very important that you should know this. The size of your family affects the cost you will have to pay for this insurance. In case you qualify for a tax credit, you can lower the cost of your monthly premiums. In here, you will be able to save money right away.
Another way to save money is reducing out-of-pocket costs, which applies on deductibles and copays. Lastly, you can get CHIP or Children’s Health Insurance Program. This qualifies obamacare florida low income families. Here, they will have low-cost health coverage on a certain program. Chances to qualify increases as most of the states are now expanding Medicaid eligibility.
The level of your coverage
There are four levels of coverage offered by Obamacare:
- Platinum- 90% of the total health care costs will be covered by the platinum insurance.
- Gold- this covers 80% of the total health care costs.
- Silver- it covers about 70% of the health care costs.
- Bronze- 60% of the health care costs will be covered by a Bronze insurance.
The lowest monthly premium is the Bronze plan but you will not be able to reduce out-of-pocket costs. On the other hand, Platinum plans are the highest premiums and you will have a significant amount of savings. All the plans offer the same benefits like prescription medications, hospitalizations and maternity care.
Age and State
Premiums may change from state to state. When it comes to age, there is no limit as to which age is allowed to enroll in any of the premiums but the cost may vary a little.
Smoker or Not?
Smokers don’t qualify for subsidy. They can still enroll with the program but they will have to pay an additional 50% on their premiums. Therefore, it will be more beneficial for the non-smokers to avail this plan.
As early as now, you have to make a choice on where you would lead your life. The program intends to help people through low-cost healthcare services. If you really want to qualify for subsidy, you have to make sure that you meet the requirements. You can ask about it to clear your mind on this. See if you could enroll now and never wait for too long. There is no other one to benefit from your monthly premium payments but you.