How To Get The “Affordable” Out Of The Affordable Care Act
The Affordable Care Act instituted in 2014 made it so that each state was required to open a health insurance exchange to make health care plans available to all individuals and small business owners. The marketplace offers individuals the opportunity to compare and contrast different plans in order to find the one best suited for their lifestyle. California’s marketplace is called Covered California! More residents are estimated to enroll through the marketplace this year than last.
Many individuals are still trying to adjust to increased expenses brought on by health insurance premiums. Depending on the health plan, some people are paying thousands of dollars more than they used to. In order to relieve some of the financial burden, the ACA came equipped with a couple of reimbursement options!
The first option comes in the form of premium tax credits. Your tax credit depends on the size of your family, and your gross income. Most people are eligible to take advantage of this reimbursement option. Last year, approximately 87% of those enrolled received the discount.
The second reimbursement option comes in the form of a plan. Healthcare reimbursement plans give small business owners a way to reimburse their employee’s premium expenses, tax-free. When searching for your health plan this year, be sure to keep these reimbursement options in mind. Reimbursement may provide you with the financial flexibility necessary to finance a more comprehensive health plan.
Please contact one of the skilled professionals at Pacific Group with any questions you may have about health insurance! With over 20 years of industry experience, we have the answers you are looking for! Our employees will work hard to ensure all of your health care needs are met. Feel free to give us a call, today!