This article is going show you how to get more affordable health insurance for high income households. Affordability of health insurance is a constant concern, regardless of your income level. When you are a high income household, you don’t qualify for any programs which decrease your cost of health insurance.
Wasn’t the ACA Supposed to Make Health Insurance Affordable?
The ACA attempted to make health insurance more affordable. However, that is only true for some people. With the passage of the Affordable Care Act (Obamacare) in 2010, the emphasis was to make health insurance more affordable for lower income households. As well as, making coverage more affordable and more available for people with pre-existing conditions. If you earn more than 400% of the federal poverty level, then you’re stuck paying full price for your health insurance. At full price, these plans are often unaffordable. And if you are healthy, its hard to justify spending such a high premium amount on your health insurance.
How To Get Affordable Health Insurance
When your income is higher than average, it can be hard to find health insurance that is reasonably priced. Since your income is above the 400% FPL limit, the ACA isn’t the best for affordability. You will need to look at lower cost health insurance options that are available outside of the Affordable Care Act. Affordable health insurance plans outside of the ACA are allowed to be underwritten. What does an underwritten health insurance plan mean? It means that the eligibility for and the pricing of the policy is based on you. If you are fairly healthy, you are most likely eligible for one of these lower cost health insurance options.
Is Affordable Health Insurance Available for High Income Earners?
The availability of affordable health insurance options for high income earners depends on the state you live in. Unfortunately, health insurance has become politicized, so therefore the available options can vary across the country. Always talk with a licensed expert who can explain the available plans in your area and make recommendations based on your needs and wants.
Low Cost Health Insurance Plans for the Wealthy
Wealthy individuals and families often have a different view of health insurance than most others. Choosing a health insurance plan that covers everything can be costly. When you are healthy and wealthy, you usually aren’t concerned about small medical bills. You can use this to your advantage when shopping for new health insurance. Switching to a plan with a higher deductible plan or a combination of plans can save you a lot of money each month.
Just because a plan has a high deductible, doesn’t mean you have to pay it; it all depends on how your coverage is structured. There are several smart ways to get a lower cost health insurance policy without being stuck with a high deductible. Not all agents and brokers are familiar with these health insurance strategies, so its important to talk to someone who is. All of our licensed representatives can help you explore these more affordable health insurance options and put together a strategy that makes more sense for you.