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The phrase “The best things in life are free” has probably crossed your mind; things may not be free in health insurance, but they have become quite affordable thanks to Biden Health Plans.
Biden Health Plans aims to put quality healthcare within reach for everyone. No longer should healthcare be considered a luxury but the necessity that it is.
So, let’s explore the benefits of Biden Health Plans and how they can help you save money!
Your First Step: Understanding the Basics
Before diving into the specifics, let’s break down the basics of Biden Health Plans. These are improvements implemented to the Affordable Care Act (ACA), which attempts to promote the accessibility and affordability of health insurance for all Americans.
Through these revisions, many people are now eligible for more substantial financial assistance, enabling them to save on their health insurance costs; this is a flexible system that can accommodate a range of needs and financial situations rather than being a “one-size-fits-all” approach.
We’ve made quality coverage through the ACA more affordable than ever — with families saving an average of $2,400 on their annual premiums, and four out of five consumers finding quality coverage for under $10 a month. Joe Biden
Are you interested yet? If you are, your next step should be checking your eligibility immediately. Remember, knowledge is power.
Significant Savings: Yes, It’s Possible!
Here’s the part you’ve been waiting for. How much can you save with Biden Health Plans? Take John and Sarah, a Texas couple with a $70,000 yearly income, as an example. They used to pay about $1,200 monthly for health insurance before the ACA. But the new Biden Health Plans slashed their monthly premium to $800. That’s a whopping $400 in savings every month!
How does it work?
Want to know how you’re able to save money? It’s all thanks to tax credits!
So, you’re probably wondering: Do I qualify? Well, you just might!
Most people who buy health insurance through the Health Insurance Marketplace qualify for these tax credits. The rule of thumb is the lower your income, the higher your tax credit will be. But don’t fret if you’re not low-income, middle-income folks can enjoy these benefits too.
Your income must be between 100% to 400% of the federal poverty level. Single, married, with kids, without kids – it doesn’t matter. You qualify as long as you meet the income requirements!
How can I apply?
Okay, so now that you know it’s tax credits, the next step is how to get them. Simple. When you apply for health insurance through the Marketplace, you’ll fill out a form about your estimated income and household.
Once done, the Marketplace does its magic and calculates how much of a tax credit you’re eligible for. Voila! You’ll see your savings!
A record 14.5 million Americans were covered by ACA markets as of early 2022. Joanne Kenen
Reduce Your Premium
Now to get to the nitty-gritty of how tax credits can help you save on your health insurance premium.
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Here’s the simple scoop: tax credits are basically a form of savings that the government offers you. Think of it as a coupon code that you can apply to your health insurance plan. The great thing is you don’t have to wait until the end of the year to benefit from these credits.
Since President Biden took office, the number of people who have signed up for an affordable health care plan through HealthCare.gov has increased by nearly 50%. Because of the President’s plan, millions of working families saved an average of $800 on their health insurance premiums last year.
When you apply for insurance through the Health Insurance Marketplace and qualify for tax credits, they go directly towards reducing your monthly health insurance payments, so you don’t have to pay as much out of pocket.
And who doesn’t love a good discount, right?
Get ready to apply these savings to your plan and enjoy the benefits right away!
So, there you have it – reducing your health insurance premium is not just a dream, but a reality. With tax credits, your journey to more affordable health insurance is just a few clicks away!
Review and Renew
This isn’t a one-time thing. Your health insurance needs to be updated and checked regularly to make sure get you the best savings possible.
Review your plan and ensure that it still meets your needs each year.
This involves checking if your health needs have changed, if your premiums and benefits are competitive, and if your favorite providers are in-network. Are you getting your money’s worth? If the answer is a dubious “maybe,” it’s time for a change!
You can change your plan once a year during the Open Enrollment Period, typically from November 1 to December 15. This is your chance to make your move and save money. Miss it, and you’ll be stuck in the same plan for another year (unless you qualify for a Special Enrollment Period).
So, there you have it! Reviewing and renewing your health insurance is more than just going through the motions. It’s about making sure you’re getting the best insurance rates and have the policy that’s right for you.
Thanks to President Biden’s leadership, more than 16 million Americans have health insurance through the Affordable Care Act Marketplaces – an all-time high. We will keep doing everything we can to ensure more people have the peace of mind that comes with high-quality, affordable health care. Xavier Becerra
HS Secretary
The Bottom Line
It’s your decision. What we can tell you, however, is that with the Biden Health Plans, quality health insurance is affordable possibly even free.
You can join the countless Americans who have already taken the leap and are now enjoying healthcare without burning a hole in their pocket. Remember, Ralph Waldo Emerson said, “The first wealth is health.”
