Understanding your coverage options and subsidy amount, if any can be confusing

By Carl Lishing, HealthMarkets Insurance Agency

Just like last year, the annual enrollment period for Affordable Care Act (ACA) coverage has been extended until Sunday, January 15, 2023. The reason? The push continues to help more people get insured courtesy of increased subsidies, with the upper income limit for subsidy eligibility eliminated.

So, what is a subsidy? A subsidy is essentially a premium tax credit the federal government provides to individuals to help offset the cost of an insurance premium and is based on household income. In the past if you didn’t qualify for a subsidy to help offset the cost of your health insurance coverage, you may now. A great way to find out is to schedule a meeting with me for a no-cost review of your standing and what options are available.

With the current ACA marketplace structure, many Americans could be eligible for $0 Bronze plans (Source: healthinsurance.org/faqs/whos-getting- zero-premium-health-insurance-plans/).

Subsidies do not exist for people who have healthcare coverage under their employer-sponsored plans. ACA coverage is for people who are self-employed, unemployed, or for people who work at a company that does not provide health insurance. ACA coverage can also be a good fit for people who have pre-existing conditions.

Preventative care is another big benefit. Most plans must cover a set of preventative services like well-baby and well-child visits (Source: cms.gov/CCIIO/Resources/Fact-Sheets-and-FAQs/preventive-care-background).

Understanding your coverage options and subsidy amount (if any) can be confusing, but I can help. Give me a call to review your options. And, as always, my guidance is free of charge.

You can reach licensed insurance agent Carl Lishing at 216-228-0765. HealthMarkets Insurance Agency is located at 16506 Detroit Avenue, in Lakewood. Office hours currently by appointment. Find out more at ClevelandInsurance.info.

HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and the District of Columbia. Not all agents are licensed to sell all products. Service and product availability varies by state. Agents may be compensated based on enrollment. No obligation to enroll. 49184-HM-1222