Something not often reported are people who are exempt from the mandate. For some folks who don’t qualify for subsidies and are stricken with sticker shock, this should be investigated. You are exempt from the law if the cost of the lowest priced Bronze plan is more than 8% of you household Modified Adjusted Gross Income. This is not uncommon for people in their late 50s and early 60’s, or younger tobacco users, earning over 400% of the federal poverty limit.
If that is your situation, you have three main options. You can do without insurance completely, which is never a good idea, especially if you’re over 50 and have significant financial assets at risk should you incur large medical bills not covered by insurance. You can get a catastrophic plan, and pay almost as much as a Bronze plan. Or you can get a 6-month policy, which you can apply for another 6-month policy when that runs out, that is a fraction of the price of an Obamacare plan, and provides benefits similar to what major medical was before Obamacare. There are some caveats even to doing that, but one of our health insurance experts can explain all those options more fully.
It costs nothing to work with a knowledgeable agent or broker and could save you thousands of dollars. Our agents are paid flat fees for the health insurance they assist clients with applying for. They make the same amount whether you spend $100 a month on health insurance, or $1,000 a month. So they have no incentive to try to sell you a more expensive plan. In fact, their incentive is to try to save you as much money as possible, so you’ll recommend them to you friends, and they can make more sales.
We specialize in showing clients how by buying much lower cost health plans, and supplementing those plans with some specific extra benefits, to eliminate your risks for the things that are most likely to happen to you, you end up with much better overall coverage, at a much lower cost. We help you get more bang for your insurance buck!