How to Handle Medical Expenses if You’re Facing Financial Hardship
Navigating the financial burden of medical expenses can be daunting, especially if you’re already struggling financially. The Affordable Care Act (ACA) offers several options to help individuals with low incomes and limited resources obtain affordable health insurance coverage that can provide financial assistance for medical expenses.
Who is Eligible for ACA Health Insurance?
To be eligible for ACA health insurance, you must meet the following criteria:
- Be a U.S. citizen or legal resident
- Not be currently incarcerated
- Have an income within certain limits
What Types of Financial Assistance are Available?
The ACA offers two main types of financial assistance:
- Premium tax credits: These credits help you pay for the monthly cost of your health insurance premiums.
- Cost-sharing reductions: These reductions lower your out-of-pocket costs, such as deductibles, copayments, and coinsurance.
How to Apply for Financial Assistance
To apply for financial assistance, you can:
- Visit Healthcare.gov
- Call 1-800-318-2596
- Contact a licensed health insurance agent
Other Options for Financial Assistance
In addition to the ACA, there are other programs and resources that can help you with medical expenses:
- Medicaid: A joint federal-state program that provides health insurance to low-income individuals and families.
- Medicare: A federal program that provides health insurance to people aged 65 and older, as well as younger people with certain disabilities.
- Supplemental Security Income (SSI): A federal program that provides monthly payments to low-income individuals with disabilities.
Seeking Professional Help
If you’re struggling to afford medical expenses, it’s important to seek professional help. A licensed health insurance agent can help you understand your options and find the best coverage for your needs.
Remember, you’re not alone. There are resources available to help you get the care you need without breaking the bank.
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