Looking for something?

Tag: save money on health insurance

Find Out If You Qualify For Health Insurance Subsidies With EZ

President Biden recently signed the American Rescue Plan Act (ARPA) into law, which expanded access to health insurance subsidies to more Americans. These expanded subsidies, which became available on April 1, 2021, are making premiums more affordable to millions of people, saving many hundreds of dollars a year. Eligibility, though, depends on your income, so you might be confused about whether you qualify. That’s where EZ can help! We can help you determine if you qualify for any subsidies, and if you don’t, we can still help you find an affordable health insurance plan.

different money bills rolled up
A subsidy is financial assistance that helps you pay for health insurance.

What Is A Subsidy?

In general, a subsidy is financial assistance that helps you pay for something – in this case, for your health insurance premiums. The subsidies now available to more people through the ARPA are known as Advanced Premium Tax Credits; these are basically tax credits that you can take in advance to lower your monthly health insurance payments. Subsidies available to you depend on your family size, how much health insurance costs where you live, and how your income compares to the Federal Poverty Level. 

The New Subsidies

The ARPA has extended Affordable Care Act (ACA) premium subsidies to higher-income people who did not previously qualify for them, and increased subsidies for lower-income people. The Biden administration estimates that an additional 3.6 million uninsured people are newly eligible for ACA subsidies under the ARPA, and that, on average, premiums will decrease about $50 a month, with some people paying $0 and some families saving as much as $1,000 a month! Because of the ARPA:

  • People whose income is above 400% of the Federal Poverty Level are now eligible for premium tax credits for the first time ever. They can access these premium tax credits if their premiums exceed 8.5% of their overall household income. 
  • Individuals whose income is between 100 and 400% the Federal Poverty Level will receive higher subsidies.

gold piggy bank with hundred dollar bills banded next to itSo, to know how much you can save on your premiums, you’ll need to know where you fall on the Federal Poverty Line. If you’re not sure, EZ will figure that out for you, and then let you know what kind of subsidies you can expect to receive –  you could save anywhere from $200 to $1,000 a month on premiums, and we’ll help you save more if possible. We will compare plans from different insurance companies to find a plan that meets your needs and saves you as much money as possible!

Working With An EZ Agent

We understand that you want to save money, especially in today’s economy. With the new ARPA, you might qualify for subsidies that you didn’t know were available to you, or you could even have been missing out on other savings or subsidies under the ACA. It can be confusing trying to figure out what you qualify for, but we can help you every step of the way. We will go over all your information and sift through plans to find the ones with the most savings- whether you qualify for subsidies or not. We work with the top-rated insurance companies in the country, and we are able to compare plans in minutes; not only that, but we offer our services for free! To get free instant quotes and guidance, simply enter your zip code in the bar above, or to speak to one of our local licensed agents, call 888-350-1890.

Preparing For Health Insurance Open Enrollment: Tips To Save Money

The Health Insurance Open Enrollment Period is over. To get the most savings, this year take a deep dive into all the plans available in your area, instead of just renewing your health insurance plan out of habit. If you use the following tips, you might find that there is a plan that covers all your medical needs AND helps you save money. 

Find Out if You Qualify for Premium Tax Relief & Cost-Sharing Reductions

Did you know that over 80% of people who enroll in a Marketplace plan receive premium tax credits? Qualification for premium tax credits is based on household income; you can qualify if your household income is at least 100% but no more than 400% of the federal poverty line. If you do qualify for a premium tax credit, you will have the choice to receive the full amount of the credit in advance, so that you can  reduce your premiums up front, or you can wait to get the credit when you file your taxes.illustration of a hand giving another hand money but the other hand is cutting the bill with red scissors

If your household income is up to 250% of the federal poverty line, you will be eligible for cost-sharing reductions on copays and coinsurance. In order to receive this benefit, you must be enrolled in a Silver plan; as long as you qualify for this benefit, it will be automatically included as part of your plan. 

Consider Your Medical Needs 

Do you have a chronic condition that requires ongoing treatment? Medications that you regularly take? Do you have family members with chronic conditions or who need medications? Do you plan on expanding your family? These are just some of the questions you need to ask yourself as you consider your plan for next year. Look closely at your medical expenses from last year,  make a list of what you think your needs will be for next year, and figure out how much you can afford to spend on premiums. Remember to also take into account the costs of copays, coinsurance, and deductibles.  

Do NOT Automatically Choose the Cheapest Plan

It is always tempting to save money by opting for the cheapest plan available. But this can end up costing you more in the long run, especially if you or a family member ends up having  an emergency or becoming ill. Some cheap plans look good on paper, especially since all ACA-approved plans have to cover the 10 essential benefits, but they might have some exclusions in the fine print. Remember that, while all plans cover the 10 essential health benefits, there is no guarantee that a plan will cover any specific service or medication within the 10 categories. 

Purchasing a cheap plan might seem like a good way to save money, but in the event that you need coverage for something specific, you could end up spending all the money you thought you were saving on out-of-pocket expenses. Remember, too, that cheap plans tend to have high deductibles, so you will have to pay a lot out-of-pocket before your plan begins to cover your medical expenses. 

round blue pills spilling out of prescription bottle on top of hundred dollar bills.
Save on medication by opting for generic brand or a plan with your medicine on a lower-priced drug formulary tier. 

Save On Medications

Prescription medications are not cheap, especially when you need to regularly purchase medications to treat a chronic condition. To save money, you can opt for generic brand medications, which are usually cheaper. This is because they will generally be in a lower-priced tier in your plan’s drug formulary. Your plan’s formulary will tell you how much you will have to pay for each drug, so as you research plans, make sure to check their drug formularies to see which of your medications might be in a lower-priced tier . 

Work With a Reputable Agent

Remember, Open Enrollment is ending soon, so you need to compare plans quickly! The best thing to do at this point is to work with an EZ.Insure agent, who will instantly give you quotes from all available plans in your area. We will show you all of your options, as well as look for any discounts or subsidies you might be eligible for. 

Come to EZ and you will work with just one agent who will help guide you to the plan that best suits your medical and financial needs. Our goal is to help you save the most money while getting the most coverage for you and your family’s needs. Do not wait until the last minute and end up settling for a plan that doesn’t fit your needs. To get instant free quotes, simply enter your zip code in the bar above, or to speak to an agent, call 888-350-1890.

Speak with an agent today!
Get Quotes