Buying ACA Health Insurance? Compare Prices to Avoid Surcharges
Buying directly from an insurance company can save you money if you’re not eligible for subsidies.
If you’re shopping for health insurance through the Affordable Care Act (ACA) marketplace, you might be surprised to learn that buying directly from an insurance company can sometimes save you money. This is especially true if you’re not eligible for subsidies to help you pay for your coverage.
Here’s why:
Surcharges: The ACA requires insurance companies to sell plans on the marketplace that meet certain standards. These standards include covering a certain set of essential health benefits and charging the same premiums to everyone in the same risk pool, regardless of their age, gender, or health status. However, insurance companies are allowed to add a surcharge to these plans to cover the cost of these requirements.
Subsidies: The ACA also provides subsidies to help low- and middle-income Americans afford health insurance. These subsidies are available to people who buy coverage through the marketplace. However, if you’re not eligible for subsidies, you’ll have to pay the full cost of your premium, including any surcharges.
As a result, buying directly from an insurance company can sometimes save you money if you’re not eligible for subsidies. To find the best deal on health insurance, it’s important to compare prices from both the marketplace and insurance companies directly.
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