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For those who are wondering how they can pay for their coverage, there are some options for financial assistance to make paying for coverage possible.
Medicaid and CHIP – Even though 19 states decided they would not expand their Medicaid coverage, it is still an option for some individuals and families. Those who qualify will be able to receive their healthcare for free and they will have satisfied the requirement of Obamacare, so they no longer have to worry about fines and penalties. The Children’s Health Insurance Program is another option. This is for children and it can help families by providing coverage for the kids, which should make it easier for them to afford Obamacare plans for themselves. When you apply for Obamacare, you will automatically find out if you qualify for any of these coverage types.
Tax Subsidies for Obamacare – A large number of people in the state (85% of the people who signed up this year) are going to qualify for tax subsidies. The government realized that many people were going to have trouble paying for coverage, so they introduced this option. When you sign up for Obamacare, if you make between 100% and 400% of the federal poverty level, you will qualify for tax subsidies.
You have a choice of how and when to use these subsidies. Some people choose to hold onto them until the end of the year. Then, they apply them to their taxes. It can reduce the amount of taxes they owe. If they were getting a refund, it would increase the amount of the refund. However, with many people living paycheck to paycheck, using the subsidies immediately makes more sense. In that scenario, they would have the subsidies applied to their monthly premiums. This would lower them to the point where the coverage is affordable for more people in the state.
The Plans in Obamacare – When you are looking for other ways to save money, take the time to look at the various plans and providers available. You should be able to find a number of different plans in the state, and some will be more affordable than others. All of them will contain the necessary essential benefits including outpatient care, emergency services, treatment in the hospital, maternity and newborn care, addiction treatment and mental health services, prescription drugs, rehabilitative services and devices, pediatric care, preventative services and lab services. There are many different options that can help to make it easier for you to afford the coverage you need.
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