The health care exchanges have opened, and consumers are now able to pick and choose a plan that fits their needs exactly. But what if a policy is too costly, and the benefits are needed? Fortunately, there is what is known as premium assistance available that reduces the cost to a more affordable level.
In order to be eligible for the premium assistance, the policy has to be purchased through an exchange. Policies purchased through other avenues are not eligible. The amount of the premium assistance provided depends on the total income for the individual or family who is applying. The guidelines for the assistance require that the total annual income be between 100 percent and 400 percent of the federal poverty line. That’s anywhere from $23,000 to $94,000 for a family of four. An online calculator is available through the exchange to help determine the amount of the premium assistance that will be available.
The premium assistance is immediate. That is, there is no waiting for a refund or for a check to arrive in the mail. It is applied automatically to the premium every month and will not change unless there’s a change in income.
Are you resident of Los Angeles or any city in California and interested in an insurance policy? Contact Save-On Health Insurance Services, Inc. today for more information!
