How can I reduce my ACA health insurance premiums?
The Affordable Care Act (ACA) helps people who don’t have health insurance through their job, or who can’t afford their employer’s plan. One way to reduce your ACA health insurance premiums is to cash out your vacation days before the end of the year. By doing this, you can lower your income enough to qualify for a lower subsidy on your ACA plan.
In 2023, the ACA income limit for a lower subsidy is $51,520 for an individual and $106,000 for a family of four. If you cash out your vacation days and reduce your income below the limit you will qualify for a lower premium for your ACA plan.
Another way to reduce your ACA health insurance premiums is to choose a plan with a higher deductible. A deductible is the amount of money you have to pay out of pocket before your insurance starts to cover costs. Plans with higher deductibles typically have lower premiums. However, it’s important to make sure you can afford to pay the deductible if you need medical care.
You can also reduce your ACA health insurance premiums by taking advantage of discounts and subsidies. For example, some states offer tax credits to help people pay for their ACA plans. You may also qualify for a premium tax credit if your income is below certain limits.
If you’re struggling to afford your ACA health insurance premiums, there are several things you can do to lower your costs. Cashing out your vacation days, choosing a plan with a higher deductible, and taking advantage of discounts and subsidies are all ways to reduce your premiums.
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