If you also want to get coverage under the ACC or the Affordable Care Act for the year 2016, then you should commence your search from today. The scheme began on the 1st of November and it will run throughout the month of January next year (with December 15 being the last day to get a policy by January 1st). If you current believe that you have a good policy in your hands, then also you should check out the options.
So below are the 4 recommendations that you should keep in mind whilst enrolling to the scheme.
1. Escalating premiums
This year, the escalations in the premium have been higher than that of last year. The bench marking plan (the 2nd lowest scheme sold and upon which tax benefits are associated) will increase by 7.5 percent in average from the year 2016. But that’s only for the 37 states that use the Healthcare (dot) gov. website.
The increase will be greater in few states. For instance Oklahoma people will have to shell out approx 36 extra on some similar types of health insurance quotes.
But you can always search-select a plan and save money with it. A study by the government relieved that many people saved money (nearly 400 dollars) by shifting from one plan to another on the same field even after tax benefits.
2. Variable costs
The charge for the plan isn’t the only thing that will change as it will also affect the pocket costs too. Always be sure about the deductibles—the charge you’d have to shell out before the insurance kicks in. You may also seek co-insurance and co-pays along with doctor visits and prescriptions.
You can take the help of the price calculator that the healthcare.gov is offering. You can also view tools that can help you to look for doctors and covered medications.
3. The network and the medicine coverage
The schemes at the official website will only give a small network and at very best a handful of doctors. But, some plans this year can provide you total coverage and network.
Small network schemes are always less expensive; however it has a draw back too, as if you go out of coverage area with them then your wallet will bleed thanks to high costs.
Also, remember to check out the list of drug stores and pharmacies that your plan covers so that you can have a good coverage on that part too.
Also, remember to check out the associated prices of your drug bill. As some schemes do not totally cover drug costs and some offer coverage only for prescription medicines. These things can mean a lot in the end.
4. The tax benefit
If you earn somewhere between 11770 to 47080 dollars a year, then you can avail tax credits. In fact if you earn less than 29 thousand dollars, then you can also get lower pocket costs. Even if you get tax benefits and if you don’t update your plan, the healthcare people will still get your current salary and income updated. But make sure you update them so to be clean and green at tax audits.