What can I do if I can't afford health insurance? - Trusted Senior Specialists

If you can’t afford health insurance, you will find that health care services can become incredibly expensive without it. Therefore, you should try to your best ability to acquire health care insurance before you encounter a serious health issue. This is what you can do if you can’t afford traditional health insurance. 

What Happens When You Stop Paying Your Premiums?

If you have an insurance policy but are unable to make your monthly payments, you will inevitably lose coverage after a period. The point at which your benefits will lapse depends on whether you qualify for any tax credits that can be placed towards your premiums. If you do qualify for those credits, you may be eligible for a 90-day grace period wherein you can catch up without losing coverage. 

Penalties

Depending on your policy type and insurer’s rules, you may be required to pay penalties if you allow your coverage to lapse. If you are applying for an Affordable Care Act policy, you may also have to pay “individual shared responsibility” penalties if you haven’t had health insurance for a 3-month period or more. Some individuals may qualify for an exemption from such penalties, contact your preferred insurer to learn if this exemption applies to you. Leveraging such exemptions can help you afford health insurance more easily. 

Access Assistance Programs

If you are in danger of not having health care coverage for an extended period of time, you may qualify for public assistance programs like Medicaid or Medicare and your children may be able to find coverage through programs like the Children’s Health Insurance Program. Work with your local Medicaid office or federal insurance marketplace to determine which assistance programs you are eligible for. 

Plan Ahead

If you have the money to enter a plan but need to wait for an ACA open enrollment period, be sure to inquire about when that period begins. If there isn’t an open enrollment slated to start soon, you may be able to qualify for a special enrollment period if you have recently experienced qualifying life events. An insurance agent can help you prepare in advance to acquire the insurance you need.

Find Affordable Health Coverage

Health insurance is a significant expense that can be a real burden on people who don’t have employer-provided coverage. Shopping Affordable Care Act coverage can help you find reasonably priced insurance options that you can use to keep yourself and your family covered without sacrificing your financial wellbeing. Contact the knowledgeable insurance professionals at Trusted Senior Specialists to learn more about your insurance options.