Tag: health insurance

Tips for Health Insurance Enrollment Season

Barb Wollan

It’s health insurance enrollment season for most Americans! Health insurance choices are some of the most important choices we make: they determine what doctors and other providers we can see affordably, what premiums we pay, and how much we’ll pay out of pocket each time we receive care. These choices have a huge impact on our finances – and also on our health! After all, if it’s not affordable to seek care, we will often put off the care we need; the delay can lead to poorer health outcomes.

So take control of your health care options by making informed choices! Two key principles to keep in mind:

  1. Think beyond monthly premiums. Consider how much health care you use in a typical year. Depending how often you need care, and what kind of care you need, you may be better off financially by choosing a higher-premium plan that has a lower deductible and lower co-pays.
  2. Pay attention to the provider network available as you look at your choices. Make sure the insurance plan you choose allows you to see the providers that you prefer, and that are convenient for you to see.

Tips for those not covered through their employer:

Looking for insurance on your own, with no employer plan? Deadline: December 15.
The Health Insurance Marketplace (www.healthcare.gov or 800-318-2596) is the only place to find comprehensive insurance plans that cover all ten essential benefits. These plans may look expensive if you look only at the retail price. However, many Americans, including middle-class Americans, are eligible for assistance in paying the premiums on these plans through a Premium Tax Credit based on your family size and income. That assistance was expanded during the COVID emergency, and that expansion continues through 2025, so it is worth checking out. Find a health care navigator to assist you; if there is a local non-profit community health care center near you, contact them for help. Alternatively, this site can help you find individuals who have agreed to help consumers select health insurance; to avoid commercial bias, look for one labeled as an “assister” rather than one who is an “agent or broker.”

Wondering how much your premiums might be? The Kaiser Family Foundation has a subsidy calculator that can give you a solid estimate.

Any plan you find outside of the Marketplace is technically not even qualified to be called “insurance,” because it excludes certain types of care; it will have some other label, such as a “health plan.” You may have reasons for considering one of those plans, but read carefully to learn what is not covered; anytime something is offered at a lower price than its competition, you know that some tradeoff is involved.

Signing up for Medicare coverage?  Deadline: December 7.
An increasing number of older Americans are selecting the highly-advertised Medicare Advantage plans; unfortunately, research is showing that some advertising for Medicare Advantage plans is extremely misleading or even fraudulent. This does not mean that all Medicare Advantage plans should be avoided, but rather that you should choose very carefully. Likewise if you choose Traditional Medicare, be sure you have good information about any supplement plans or Part D prescription drug plans you consider. The best source for information and guidance in selecting Medicare plans is SHIIP – the Senior Health Insurance Information Program. Find an Iowa SHIIP office near you OR use this link to seek out SHIIP in other states.

Free Coverage may be available to you! Enrollment is open anytime for eligible households.
In Iowa and the majority of states, Medicaid coverage has been expanded beyond the old limits (which limited coverage to families with children and disabled individuals). Now anyone with income below the threshold is eligible, regardless of family composition. What’s more, the income thresholds have been increased. This year for a family of two, the income limit is $24,352; for a family of four, the limit is  $36,908.  NOTE: those limits are approximate; there are some nuances in calculating income so that in some situations people are eligible even if their income is slightly higher than the standard limit.  In Iowa, this state hotline can help you enroll: 855-889-7985.

Children under 19 may be covered for free even if family income is 2-3 times the normal limit, through the Child Health Insurance Program, known in Iowa as HAWK-I.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Thinking About Retiring Early? Things to Consider…Part 2

Ryan Stuart

Welcome back for the second part of “Thinking About Retiring Early? Things to Consider”. Last month’s post focused on what happens to your income when retiring prior to the more common retirement ages of 55, 59 ½, 62, etc. This month will focus on how expenses are impacted when you decide to retire before you reach one of the ages mentioned above.

Historically speaking, “average” retirees may need approximately 80% of their pre-retirement income to maintain their current standard of living. The rationale behind this theory is that you will no longer have to pay for things like commuting, work attire, payroll taxes, certain employer-sponsored benefits, etc. While this may seem like a plus, things get a little tricky when you are looking to retire decades earlier than normal. Many retirees already have a difficult time stretching their funds over the course of a 20-year retirement (depending on your anticipated life expectancy) and tacking on another 20 years will only add to the complexity. This is primarily due to the additional estimation required in the retirement planning process, but also because of healthcare.

Managing the cost of healthcare

According to recent statistics from the Centers for Medicare and Medicaid Services, National Health Expenditures grew nearly 10%, or approximately $12,500 per person, in 2020 (partially due to the Covid-19 pandemic), and are projected to grow at an average annual rate of 5.4%, which outpaces inflation in most years. The problem for early retirees is that some of those costs are currently subsidized through their employer and/or the federal government; they will likely lose that subsidy with an early retirement. One option is the Healthcare Marketplace; however, eligibility for subsidies is impacted by income. The Health Insurance Marketplace Subsidy Calculator from the Kaiser Family Foundation can help to estimate your premium costs.

Whether you want to retire early or not, please remember that the decision is very personal, specific to your individual needs, and should not be based upon general guidance or the decisions of others. To learn more about the basics, visit our website at https://www.extension.iastate.edu/humansciences/money.

Ryan Stuart

Ryan is a Human Sciences Specialist in Family Wellbeing and an Accredited Financial Counselor®. He focuses on educating and empowering all Iowans to independently make positive financial decisions throughout their life course.

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Health Insurance Special Enrollment Period

Barb Wollan

Even though open enrollment ended months ago, health insurance for 2022 through the federal marketplace is still available to people with very low incomes! A few weeks ago, the government opened a special enrollment period for those whose incomes are below 150% of the poverty line: that’s $19,320 for a single individual: $26,130 for a household of two; and $39,750 for a household of four. I know those income limits exclude a lot of folks, but for those who are included, this can be important news. No ending date has been announced for the special enrollment period; it appears to be continuing throughout 2022.

This new special enrollment period is especially important for those whose income is near the top of the income range for their family size. Why? Because Iowa families with incomes below ~135% of poverty are eligible for free health coverage through the expanded Medicaid program. It is those who are above the Medicaid level who may especially need this opportunity. Here’s why:

During the COVID emergency, some households have been allowed to remain on the free Medicaid coverage even if their incomes grew beyond the authorized levels. When the COVID emergency designation ends, those families will likely lose that coverage. These are folks who will benefit from the new special opportunity for families with lower incomes.

Keep in mind that anyone can have a Special Enrollment Period in the health insurance Marketplace if they have a qualifying life event. The special enrollment period extends up to 60 days after the life event occurs. Examples of qualifying life events include:

  • Loss of health coverage (e.g. due to job loss, divorce, or other reason)
  • Change in household composition (e.g. birth or adoption, divorce or marriage, death of household member)
  • Change in residence
  • Other events (e.g. change in income, release from incarceration, and more)

Do you need health insurance? Find out today if you are eligible for a Special Enrollment Period! You can also inquire and apply by phone through the official Marketplace help line: 800-318-2596.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Health Insurance Decision Time

Barb Wollan

Once again it is time to make health insurance decisions. If you are insured through your workplace, your deadlines will be determined by your employer. If you are insured through Medicare (including Medicare Advantage plans), you have between now and December 7 to make changes; your best resource for unbiased assistance in Iowa is the Senior Health Insurance Information Program. Similar resources are available in other states, as well.

If you are not yet eligible for Medicare, and do not have affordable insurance available through an employer, then the Health Care Marketplace is the place to turn for quality health insurance plans* that do not consider pre-existing conditions. The base premium for plans in the Marketplace is affected by your location, your age, and use of tobacco. That is because health care costs vary by location, and are higher for people who are older and who use tobacco. Two other factors also affect your cost:

  • Type of plan (bronze, silver, gold, platinum) you choose. All of these plans are quality* plans, but it is valuable to understand the difference. Bronze plans have the lowest premiums, because they have higher deductibles and co-payments. Premiums increase as you go up in metal value. Platinum plans have the highest premiums, but lower deductibles and co-pays. This post from 2014, when the Health Care Marketplace was new, provides more detail.
  • Your income. That’s right. Two people might pay different premiums even if they are both 30-year-old non-smokers who live in the same county and both chose a silver plan. The Marketplace is designed to provide more help in paying for health insurance to people who need it more. So when you enroll in a Marketplace plan, you will estimate what your household’s income will be for 2022. Based on that estimate, the system determines what your share of the premium for a silver plan should be, and the remaining amount will be covered by an Advance Premium Tax Credit, which is an estimate of how much help you are eligible for. All this is based on a baseline silver plan; you will get the same amount of help toward your premiums regardless of what “metal color” plan you choose. At the end of they year, your tax return will show your actual total income for the year. The actual income will be used to determine your final Premium Tax Credit amount. If you received too much or too little in advance, the difference will be taken care of on your tax return, by either increasing or decreasing your tax refund or the amount of tax you owe when you file. The Kaiser Family Foundation offers a useful tool to give you an idea of how much help you may be able to receive.

Open enrollment for 2022 health plans in the Marketplace continues through January 15, but if you want your coverage to begin as early as possible (January 1) then you need to enroll by December 15. Enrolling between December 16 and January 15 will get you coverage that begins February 1. Enroll online at www.healthcare.gov OR call 800-318-2596. A link is also available to find local help. You have the option to choose (filter) whether you wish to find an agent/broker OR would rather get help only from an assister.

*What do I mean by “quality” plans? The biggest factor is that a quality plan covers all ten essential types of health care. By contrast there are plans (sometimes referred to as “junk plans”) that purport to provide health coverage, but exclude certain categories. I’ve heard of situations where people are excited to get health insurance, but then when need arises they discover it doesn’t cover hospitalization, or it only pays $100/day toward hospital care, or has some other substantial limitation. In addition marketplace do not have annual or lifetime limits on what they will pay for an individual’s care. Another key “quality” factor is that the plans have been actuarially evaluated as providing appropriate coverage for an appropriate cost. In other words, they are not set up to make big profits for the company.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Affordable Health Insurance: ARPA Expansions

Barb Wollan

The American Rescue Plan Act of 2021 (ARPA) has put into place several temporary expansions to the Affordable Care Act (ACA) provisions that can help Americans access health coverage at affordable prices. In general, these benefits apply to people who purchase health insurance in the Marketplace (created by the ACA) because they do not have an affordable option available through employment. The expansion has two dimensions: 1) more people are eligible for help paying the health insurance premiums for plans purchased in the Marketplace, AND 2) those who are eligible for help are now eligible for MORE help, so that their share of the monthly premium can be reduced.  People who are unemployed will especially benefit.

The Health Insurance Marketplace is now open for enrollment through August 15, so if this information makes you want to enroll in a plan OR change the plan you chose, you should be able to do so in the next few weeks. NOTE: The law took effect March 11. The agency in charge of the Health Insurance Marketplace expects to be ready to implement many of the changes on April 1. Suggestion: if you call or log in to the Marketplace in early April, ASK if the new rules are yet in place. It might be worth waiting a week or two in order to be sure the changes have been built into the system.

More Help. The ACA created a maximum cost people would have to pay for health insurance premiums, stated as a % of your income. The ARPA dramatically reduced that percentage of income for 2021 and 2022.  For example, suppose you are a 2-person household with income of $43,000/year (which is just under 250% of the poverty level); under the ACA your share of the premium for a benchmark silver plan would have been 8% of your income; under the new ARPA guidelines, your share of the premium cost for that same silver plan is just 4% of your income. Implications:

  • Some people who previously decided health insurance was too expensive will NOW decide it is affordable under the new rules.
  • People who chose a less-expensive bronze plan despite its higher deductible and copays may NOW decide a silver plan is worthwhile.
    This is of special value to those who are at or below 250% of the federal poverty mark, because these folks are eligible for plans that sell for a “silver” price but have smaller deductibles and copays so that they are more like a gold or platinum plan. In other words, folks under the 250% level can get a premiere plan for a budget price.
    It’s sort of like getting a brand-new luxury SUV for the price of a 2014 compact sedan!
  • If you are already enrolled in a Marketplace plan, there is a good chance that your share of the monthly premium is reduced under the new rules. Consider contacting the Marketplace (800-318-2596) sometime later in April.

More People Eligible.  Under the original ACA rules, if your income was over 4 times the poverty level, you were not eligible for help paying for health insurance. Under the ARPA expansion, people of any income level are eligible if the cost of the Marketplace plan would exceed 8.5% of their income. This will be especially valuable for those in their 50’s and 60’s, since health insurance premiums rise with age. This provision is also in effect for 2021 and 2022. 
Implication: some people with incomes above the 400% threshold may have compromised to save money by purchasing health coverage that was poorer quality (that is, it does not meet the ACA standards related to broad coverage and value). With the new cap of 8.5% of income regardless of income level, these folks might now be able to purchase a high-quality plan for an affordable price.

Huge Benefit for Those Unemployed at ANY time during 2021.  Note: this benefit is ONLY in effect in 2021.  If you receive(d) Unemployment Income at ANY time during the 2021 calendar year, special rules apply for your eligibility. With regard to eligibility for help paying for health insurance in the Marketplace, any income above 133% of the poverty level will be disregarded. That means these households will be eligible for the “platinum-like” silver plans for FREE – the premiums will be entirely covered by the subsidy.  Note: all other qualifications must also be met. For example, if you have workplace coverage available that is considered affordable, then you will not be eligible for the free silver plan.  However, if you are unemployed now, take advantage of the free silver plan. If you get a new job in a couple months that provides insurance, you can then drop the silver plan.
For those whose incomes are below 100-133% of poverty, they will be eligible for Medicaid coverage (also free), even in states where Medicaid was not expanded.

COBRA Subsidy. For people who lost health coverage due to being laid off or having their work hours reduced, the government will cover the cost of their COBRA premiums for up to six months, from April 1 – September 30, 2021. Check with your employer about how this might help you. Even if you lost your job months ago and did not sign up for COBRA at that time, you should now be able to sign up for COBRA.
Note: if you are in this group, you might also benefit from Marketplace insurance or Medicaid, so be sure to evaluate all your options.

Primary Source: Kaiser Health News Details for the % of income (paragraph 3) from Kitces.com
For more information see: https://www.healthcare.gov/more-savings/

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Understanding Health Insurance

Barb Wollan

This time of year many Americans make health insurance decisions. If your health insurance comes through your employer, you may be making plan choices in the next month or so, and if you purchase insurance individually, open enrollment is November 1 through December 15. Are you equipped to make informed choices about your health insurance?

ISU Extension and Outreach offers two free on-line workshops on health insurance topics:

  • Smart Choice Basics focuses on the key things to know before you sign up for a specific health plan. It’s useful to people who get their insurance through their employer as well as to people who need to purchase insurance on their own. It also addresses questions about how to get help paying for health insurance via the HealthCare.gov Marketplace. It is being offered November 19 and December 1 (6 p.m. each day).
  • Smart Use: Smart Actions for Using your Health Insurance Wisely. This workshop focuses on seven key actions for consumers to take, including keeping track of the health care they receive, reviewing their bills carefully and disputing errors, understanding deductibles and co-pays, and more. It is being offered November 2 and December 8 (6 p.m. each day).

Understanding key health insurance principles can save you money year-round. It also gives you the confidence to ask useful questions about health costs and bills, and to make informed choices about when and where you receive the health care you need.

Pre-registration for the health insurance workshops is required.
Questions? Contact Barb Wollan or Brenda Schmitt. The flier is attached below if you’d like to share it with others.

Flyer-Smart-Choice-Basics-and-ActionsDownload

These two workshops were developed by a team of experts from across the nation led by University of Maryland Extension. They are conducted locally by trained Iowa State University Extension and Outreach specialists.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Laid Off? Health Insurance Options

Barb Wollan

It’s tough to live on reduced income after a reduction in hours or a job loss, but unemployment benefits can help to bridge that gap, at least for a while. The expanded eligibility and expanded benefit amount provided through federal legislation in response to COVID-19 has helped thousands of Iowans.

Losing employment (or even reduction in hours) often means that workers also lose their health insurance coverage. Depending on the situation, that loss may be even more disruptive than the loss of income. Fortunately, there are some good options available for obtaining affordable health insurance outside of your workplace.

Free Insurance. If your income is below a certain threshold, you may be eligible for free health coverage through the state, and you can apply at any time during the year. This coverage is available to everyone, regardless of whether they are disabled or have children in the home, thanks to the fact that Iowa signed on to the expanded Medicaid portion of the Affordable Care Act.  The income guidelines for this option depend on family size:  for a single individual, the 2020 income limit is nearly $17,000; for a family of four, it is nearly $35,000. There are some nuances in the recording of income, so even if your income is a little above the limit, it is worth applying – you may be eligible. ALSO – even if your income for the first six months of the year puts you over the limit, it is still worth applying if your situation has changed, because the income limits are considered on a month-by-month basis. To apply, contact the Department of Human Services at 855-889-7985.

Coverage for Children. Through Healthy and Well Kids in Iowa (Hawk-I), children and teens under age 19 are eligible for free or nearly-free health coverage up to much higher income levels, so if you are having trouble affording health insurance for your children use the same DHS phone number (855-889-7985) to inquire and apply.

Income too high for free coverage? There are still options! The high cost of health insurance often means that even those with average incomes may find it unaffordable. Through the Health Insurance Marketplace, you can find high-quality health insurance plans; you may be eligible for help in paying the premiums if you do not have access to an affordable employer plan and if your income is below a generous limit. The 2020 income limit here is $49,960 for a single individual, and $103,000 for a family of four. You will be expected to pay part of the premiums, based on your income, but the government will pay the rest. The Kaiser Family Foundation’s Health Insurance Subsidy Calculator will provide a good estimate of the help you might receive.  

To enroll mid-year in coverage through the Health Insurance Marketplace, you must be eligible for a special enrollment period; generally that ends 60 days after your previous coverage ends. Learn more or enroll at www.healthcare.gov or by calling 800-318-2596. Many community health centers offer assistance in considering options and enrolling, as well. 

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Medical Bill Mysteries: New Tool

Barb Wollan
Stethoscope with a $100 bill

For the past year-and-a-half I have joined others in being surprised, frustrated and horrified by the “Bill-of-the-Month” news stories presented cooperatively by National Public Radio (NPR) and Kaiser Health News (KHN). The NPR/KHN team receives real bills from real people across the U.S., for treatments ranging from a cat bite and a knee brace to spinal surgery and stroke.

In every case, the consumer submitted the bill because it either seemed outrageously high or it just didn’t make sense. The investigative reporters dug into the issues, usually gathering information from the medical provider and the insurance company as well as the consumer. Sometimes they found errors that could be corrected to reduce the bill; more often, they uncovered prices that were simply inexplicably high. Sometimes, but not always, shining the light of publicity on the situation led to a reduction or elimination of the bill.

Last month Kaiser Health News launched “Your Go-To Guide to Decode Medical Bills.” This new tool includes three components: 1) Pro Tips for Navigating Surprise Medical Bills; 2) a helpful Glossary; and 3) an example of a medical bill and corresponding insurance documents, with notes highlighting key items to pay attention to. The guide is not a magic wand – it doesn’t make navigating difficult medical bills easy. But it does point consumers in the right direction, so we can get started advocating for ourselves and our loved ones.

The guide reminds us that our consumer options begin even before we seek medical treatment – with a set of items to check on before going in or making an appointment. If, despite advance preparation, you end up with a surprising medical bill, a key step is to request an itemized bill. Medical providers are required by law to provide this if consumers request it. Along with other tips, the guide identifies two websites that can help you compare the price you were charged with prices of other providers: Health Care Blue Book and Fair Health Consumer.

As consumers we need to be our own advocates. It helps to have some guidance on how to do that effectively!

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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Health Insurance: Time to Decide

Joyce Lash 2 Comments

Making a decision about health insurance coverage is not easy. Most of us rely on our employer to wade through the details of policy coverage and negotiation of rates. We gladly accept what is offered, choosing between 2-3 options that personalize the coverage.  HR sends a letter or hosts a meeting for questions and answers. If we don’t do anything, the policy we have continues into the new year.

It’s not quite as easy when you are purchasing insurance on your own: some parts of Medicare, the Marketplace, and plans offered from private insurance agencies can be more confusing. The options for coverage have experienced a period of volatility.  Assistance with enrollment varies. Here is an overview of the open enrollment time frame, who can help you sort through the options, and major changes to be aware of in 2019:

Medicare:  Open enrollment for Medicare Advantage and Prescription Drug coverage (Medicare D) began on October 15th and closes on December 7th.  SHIIP volunteers are excellent resources to help sort coverage and find plans that will meet your needs. Medicare is also providing assistance through an online education program, Medicare Plan Finder.  Advantage plans are increasing in numbers and are being heavily marketed this season.  Individuals enrolled in supplemental coverage (Medigap) and prescription drug (Medicare D) plans should open and read any notices they received in the past 30-60  days.  Your coverage may have changed.

Marketplace Coverage:  Open enrollment began on November 1 and closes on December 15th. Iowans may call 1-800-318-2596 or visit healthcare.gov for information. Independent insurance agents may be able to assist. If you received assistance last year, try contacting the agency that sponsored the service. Medica and Wellmark will be offering ACA-compliant individual health insurance plans to Iowans statewide for plan year 2019. If you currently have coverage through the exchange and do not choose a plan for 2019 by the end of open enrollment, you will be re-enrolled into the same plan offered by Medica. Reminder: if you want to use Premium Tax Credits to help cover the cost of your insurance, you must purchase it in the marketplace.

Private Plan Coverage: Enrollment is not limited to a set period of time for most policies. The Iowa Insurance Division provides a listing of licensed agents.  New this year for individuals who do not qualify for premium tax credits are association benefits plans.

Children’s’ Health insurance Plans (known in Iowa as HAWK-I): Enrollment is not limited to a set period of time. Contact the Department of Human Services for applications and program details.

Medicaid: Enrollment is not limited to a set period of time.  Individuals may qualify based on income or specific health issues.  Contact the Department of Human Services for applications and program details.

Iowa State University Extension and Outreach has available education programs that can help with understanding choices and coverage.  Contact your local extension office to request delivery for your community.

Joyce Lash

Joyce Lash is a Human Sciences Specialist in Family Finance who wants to keep you ahead of the curve on financial information.

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Confused about health insurance?

Barb Wollan 1 Comment

Today, November 1, is the beginning of open enrollment for those who buy health insurance on the individual market. Over the last several months there has been a lot of confusing news about health insurance, so we want to help clear up some of the confusion.

Enrollment Process

  • www.healthcare.gov is still the place where Iowans can find health insurance plans where eligible consumers can use premium tax credits to help them pay their health insurance premiums. To enroll over the phone, the phone number is still 800-318-2596.
  • This year, the open enrollment period has been shortened: it goes from November 1 – December 15, 2017. During that time anyone can purchase a health insurance policy for 2018.
  • The enrollment site will be closed for maintenance for 12 hours (midnight till noon) every Sunday during the enrollment period, with the exception of the last Sunday, December 10.
  • To find local help with enrolling, do a zip code search at Get Covered America.

Plans and Costs

  • There has been a lot of news about premiums rising, and it is true. However, if you are eligible for a premium tax credit to help pay your premium, the higher premiums are not a major concern.
    Why? With the premium tax credit, you only pay a certain percentage of your income; the tax credit pays the rest of the premium.  That means your premium costs for 2018 will be similar to 2017 if your income is similar.
  • Find out if you are eligible for a premium tax credit at https://www.healthcare.gov/lower-costs/save-on-monthly-premiums/. Income guidelines vary by family size: for a single individual, the maximum 2018 income is $48,240; for a family of 4, it is $98,400.
  • For most of Iowa, there is only one insurance company offering plans through healthcare.gov. Be sure to find out if your medical providers are participating in the plan before signing up. You will be able to find that information during the enrollment process before you enroll. The network appears to be quite broad, but it is still important to know if the company’s provider network will meet your needs; no one wants to be caught by surprise after they have enrolled.
  • If you are not eligible for a premium tax credit, you can still use healthcare.gov to purchase health insurance, but you will need to pay the full premium. Before making a decision, it would be wise to compare other options, perhaps through one or more local insurance agents. Health insurance purchased elsewhere may provide reduced coverage, and may be a challenge for people with pre-existing conditions, but it is always wise to check multiple options before making a decision.
  • If you are under 30, you may be eligible to purchase a lower-cost, very-high-deductible catastrophic plan.  An earlier blog post describes these plans.

Barb Wollan

Barb Wollan's goal as a Family Finance program specialist with Iowa State University Extension and Outreach is to help people use their money according to THEIR priorities. She provides information and tools, and then encourages folks to focus on what they control: their own decisions about what to do with the money they have.

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