Health Insurance Options For 2021

Despite the pandemic causing economic and financial disruptions during this year, now is the perfect time to get Health Plans for 2021. Insurance rates this year are still reasonable and relatively affordable, even for first-time applicants.
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Read on to know more about 2021 Health Insurance options.  

Zero Premium for Medicaid Insurance for Low-Income Individuals
Most Americans who recently lost their jobs from the pandemic may qualify for Medicaid insurance. From the 36 US states, you can obtain free coverage depending on your monthly income. 

The income threshold is only $1,400 for an individual or $2,950 for a four-member family. This income makes obtaining Medicaid achievable for everyone. This year, individuals from Idaho, Utah, and Nebraska enjoyed this premium Medicaid benefit. 

Affordable Care Act (ACA) Plan for Medicaid Non-qualifiers
In cases of non-qualification with the Medicaid plan, the Affordable Care Act (ACA) put up marketplaces for private health plans in every part of America. It sets up a network of insurance markets that provide affordable insurance prices compared with previous years. 
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More than 12 states and the District of Columbia also manage their insurance marketplaces to obtain various health insurance options. 

Health Insurance plans under the ACA are available for 65 years old and below, regardless of health condition. Premiums only vary based on age, residence, and smoking history. Health insurance plans are divided into four types: platinum, gold, silver, and bronze. Bronze plans have the most significant deductible, whereas platinum types have the lowest deductions. 

You need to carefully consider and research the following conditions when choosing the best health insurance for you and your family:

1. Ability to pay premium and copay vs. premium cost
2. Insurance coverage - doctors, hospitals, and medications included in the package
3. Additional benefits such as free access to telehealth 

Subsidies for Non-Insured Individuals
Insurance plans can be quite expensive in many markets, which might hinder the non-insured individuals from purchasing the plans. 

However, non-insured individuals can still get health benefits as long as their income falls on the federal poverty level. It means having an income of $51,000/year for an individual or $105,000 for a four-member family. Reaching this poverty level qualifies one for subsidies that restricts premium to specific plans payable within your income level. Ensure that you declare your income as you search for health insurance plans to determine the best plans that fit your needs.

For people whose incomes are below $31,000 per person or $65,500 per family of four, subsidies decrease deductibles and copayments once you obtain a silver health insurance plan.

Final Say
Whether you belong to a low-income household or a well-off income group, health insurance policies and other health plans are available for you and your family for your 2021 health needs. Determine the best health insurance policy fit for your income through Insurance Plans of America.
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At Insurance Plans of America, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (877) 752-6711. Get your free quote today by CLICKING HERE.