How to save money on health insurance with Obamacare

How to save money on health insurance with Obamacare

The primary purpose of affordable healthcare, also known as Obamacare, is to provide health insurance at prices available to most Americans who previously couldn’t afford coverage. Therefore, it only makes sense to choose the plan that will save you the most money. Let’s examine two basic strategies.

Save money upfront

To save money upfront means selecting a plan that has a low monthly premium. Don’t assume your old plan or the first inexpensive plan you see is the cheapest. Shop and compare all the plans within your price range. According to the federal government, if consumers had shopped more carefully in 2015, they would have cut their Obamacare premium costs by an estimated $2 billion.

Reduce your premium even further by applying for tax credit. You may qualify even if your income is four times that of the federal poverty level for a family your size.

Save money on the back end

If you can easily afford a higher monthly premium, consider upgrading to a silver health insurance plan. At the silver level you are allowed to apply for a different type of financial assistance called cost-sharing reduction, which instead of reducing your front end premium reduces your back end copays, coinsurance and deductibles.

Whether you are enjoying excellent health, or you are dealing with a serious medical condition there is an Obamacare plan best suited for you. Newport Health Insurance stands ready to help you understand all your options.

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