The Affordable Care Act (ACA) helps millions of Americans save money on health insurance, so how do you get your share?
We’re here to help you out with steps for how to not only save money, but to let you know how much you can save and how you can save it every month instead of getting it back as a tax return.
How Much Money Can You Save with ACA Plans?
The ACA allows Americans to get great insurance with good deductibles and comprehensive coverage for a much lower price. So, how much lower? Well, it depends on the coverage you need and whether you qualify for subsidies.
The amount you pay for insurance, and therefore the amount you save, will depend on a variety of factors including your age, whether you smoke, how many people will be covered in your plan, you location, household income, the health insurance company, and more.
However, 12 million Americans have ACA plans and receive advanced premium tax credits, which means they save money on their monthly premiums, putting cash right back in their pockets. Even better, it’s not a few cents they save each month.
In fact, ACA users save an average of $508 per month, with many individuals and families saving even more! That’s over $6000 a year that you can use to pay for gas, rent, bills, or even a nice vacation or two.
How to Get $6000+ Per Year from the Affordable Care Act?
To get your money from the Affordable Care Act and see how much you can save, you can visit Healthcare.gov, complete an application, choose your plan, and pay your first premium. To do so, you’ll need to fill out questions based on your identity, location, household, taxes, income, and more.
Additionally, you’ll have to select from metal tier categories. Bronze plans have the lowest monthly premium, but the highest deductibles and costs when you need care while Silver, Gold, and Platinum have increasingly higher premiums, but lower copayments, deductibles, and costs for care.
You need to be aware of the open enrollment times, which are usually from early November through mid to late January of each year. However, these times can differ depending on your state.
However, it’s also critical that you get Advanced Premium Credits because that’s the way you put money back into your pocket each and every month. That’s because these tax credits directly and instantly reduce the amount you’re paying for insurance.
Conclusion
You can save thousands of dollars every year with the Affordable Care Act (ACA) also known as Obamacare. Plus, with Advanced Premium Credits, you basically put those savings directly into your pocket or bank account every month, which means more help to pay bills, buy food and gas, or do things you enjoy.