Page 22 - Florida Sentinel 1-20-17 Edition

Obamacare
What Can I Do If Obamacare Is Too Expensive?
How the Middle-Class (and Others) Can Deal with Rising Health Insur- ance Rates
How affordable is health insurance under the Afford- able Care Act? It depends on whom you ask. With monthly premium rates increasing an average of 25 percent nation- wide for 2017 and soaring as high as 176 percent in places such as Phoenix, Oba- macare keeps getting more expensive while options keep dwindling.[1] And, consumers are getting frustrated.
Some, particularly those in the middle class, feel that health insurance has become too costly under the law in- tended to provide all Ameri- cans with access to quality, affordable health- care.[2],[3] But, unless you qualify for an exemption, the ACA’s individual shared re- sponsibility provision re- quires you to obtain minimum essential coverage. So, what do you do if you’re worried about how much Obamacare will cost you in 2017 and think you can’t af- ford coverage?
Determine whether or not you qualify for a hardship exemption
In 2017, if the only health insurance plans available to you exceed 8.16 percent of your income, then you may qualify for a hardship exemp- tion from the shared respon- sibility provision (i.e. individual mandate).[4] An ex- emption means you will not owe the shared responsibility payment (i.e., tax penalty).
There are several types of exemptions. To determine whether or not you qualify for a hardship exemption in par- ticular, you must apply for it.
1. Yes, I qualify for a hardship exemption.
If you suspect that you qualify for a hardship exemp- tion, then you should apply – you can obtain instructions from HealthCare.gov or through your state-based ex- change.
Do not forego buying health insurance coverage until you know whether or not you are exempt; if you ex- ceed more than a single pe- riod of three months without minimum essential coverage and are not exempt, you could owe a tax penalty.
Once your exemption has been confirmed, you may want to consider some form of benefits to help pay for healthcare if you become ill or have an accident. There are numerous, including the fol- lowing:
Short term medical insur- ance
Hospital indemnity plans Critical illness coverage
Keep in mind that none of the options listed above is ACA-compliant and will not prevent you from owing a tax penalty if you are not exempt. Furthermore, coverage may not be guaranteed.
2. No, I don’t qualify for a hardship exemp- tion.
You will want to enroll in a 2017 Obamacare plan sold on or away from your state- based or federally facilitated exchange. Again, failure to do so could result in a tax penalty if you exceed a single period of more than three months without minimum es- sential coverage.
You may want to consider additional products such as a medical gap plan, critical ill- ness coverage, dental insur- ance, and telemedicine benefits to help lower your out-of-pocket healthcare ex- penses.
Calculate your Oba- macare premium sub- sidy
The ACA makes subsidies in the form of premium tax credits to those who: A.) meet 2017 income criteria, and B.) purchase coverage from the health insurance marketplace (i.e., HealthCare.gov or a state-based exchange). Fur- thermore, those who fulfill these two criteria and also purchase a silver plan may qualify for cost-sharing re- ductions that help lower out- of-pocket healthcare costs.
You can estimate your subsidy using a calculator such as the Health eDeals Health Insurance Cost and Subsidy Calculator. However, you must apply for a subsidy through a health insurance marketplace (i.e., Health- Care.gov or a state-based ex- change) to determine the amount for which you actu- ally qualify.
1. Yes, I qualify for an Obamacare subsidy in 2017.
If you qualify for a pre- mium tax credit and cost- sharing subsidies, you will want to purchase coverage through the health insurance marketplace (i.e., Health- Care.gov or a state-based ex- change).
2. No, I don’t qualify for a subsidy.
You may want to expand your search and find out what Obamacare options are avail- able to you in the private market, away from the ACA exchanges. Also consider buying supplemental benefits in the form of a medical gap plan, critical illness cover- age, dental insurance, and telemedicine to help re- duce your out-of-pocket healthcare costs for covered expenses.
Work with an insur- ance professional
A health insurance pro- ducer can assist you in find- ing the right benefits for your household. They’ve seen a number of different situa-
tions, understand health in- surance and the ACA, and know the current market.
You can also call the num- ber at the top of your screen to speak with a certified advi- sor who works with
healthedeals.com; these indi- viduals can answer your questions and also provide you with Obamacare quotes and quotes for supplemental products available through this website.
FRIDAY, JANUARY 20, 2017 FLORIDA SENTINEL BULLETIN PUBLISHED EVERY TUESDAY AND FRIDAY PAGE 11-A