How Obamacare Can Help You During Inflationary Times

The Affordable Care Act (ACA), often known as Obamacare, is a law that has made health insurance more accessible and affordable for millions of Americans. Obamacare has a number of provisions that can help people save money on health care, including subsidies to help people pay for health insurance premiums and deductibles, and an expansion of Medicaid to cover more low-income Americans.

One of the most important ways that Obamacare can help people during inflationary times is by providing subsidies to help them pay for health insurance. These subsidies are available to people with incomes up to 400% of the federal poverty level (FPL). The amount of the subsidy depends on the person’s income and the cost of health insurance in their area.

For example, a person with an income of $25,000 per year could qualify for a subsidy of $1,000 per year to help them pay for health insurance. This subsidy could make a significant difference in the person’s ability to afford health insurance and get the care they need.

In addition to providing subsidies, Obamacare also expanded Medicaid to cover more low-income Americans. Medicaid is a government health insurance program for people with low incomes. Before the ACA, Medicaid was only available to people who were very poor, such as children, pregnant women, and people with disabilities. However, the ACA expanded Medicaid to cover all adults with incomes up to 138% of the FPL.

The expansion of Medicaid has made a significant difference in the lives of millions of Americans. Before the ACA, many low-income adults were uninsured or underinsured. However, thanks to the ACA, millions of people now have access to affordable health insurance.

Overall, Obamacare is a valuable resource for people who are struggling to afford health care during inflationary times. The subsidies and expanded Medicaid coverage can make a significant difference in people’s ability to get the care they need. If you are having trouble affording health insurance, I encourage you to call ACA licensed agents to see if you qualify for subsidies or Medicaid.

What if I Don’t Qualify for Subsidies or Medicaid?

If you don’t qualify for subsidies or Medicaid, there are still some things you can do to save money on health care.

Shop around for health insurance. There are many different health insurance plans available, so it’s important to shop around to find the plan that best meets your needs and budget. You can compare plans and get quotes from different insurers online or through a licensed agent.
Choose a plan with a high deductible. Plans with high deductibles have lower premiums, but you will have to pay more out of pocket for medical expenses before your insurance starts to cover them. If you are healthy and don’t expect to have many medical expenses, a plan with a high deductible could save you money.
Use a health savings account (HSA). HSAs are tax-advantaged savings accounts that can be used to pay for qualified medical expenses. You can contribute to an HSA up to the annual limit, and the money in your HSA will grow tax-free.