I figured out with our family of 5, we make under 50,000 a year, it would cost 500.00 a month and the deductible was like 10,000. I am confused on how we can afford it.
One of the ways that premiums can be affordable, and plans can be comprehensive, is by having rather high deductibles. The PPACA limits all deductibles in the private individual and family market, and it subsidizes deductibles on Silver Marketplace plans and Medicaid, but nothing aside from the gradual curbing of the root costs of healthcare is going to make deductibles less expensive.
Here are some tips:
- Use an HSA to lower MAGI on high deductible plans
- Always choose a Silver plan if you make less than 200% of the Federal Poverty Level
- Consider a higher premium plan, higher premium plans have lower deductibles
- Health insurance isn't just about saving money on your premium. It's about total medical spending in a year.
- Sometimes holding a high deductible policy is the cheapest, if you don't use a lot of medical services.
- Sometimes holding a low deductible policy is the cheapest, if you do use a lot of services.
- See our tips on buying health plans section for more information. Getting the best deal on healthcare requires more than just cost assistance, it requires understanding your healthcare needs and your health plan options.