If you use your state’s Health Insurance Marketplace to choose a health insurance plan, you may qualify for a premium tax credit that will lower your monthly health insurance bill and give you extra savings on out-of-pocket costs including deductibles and copayments. The website should let you know if you are eligible.
Whether you qualify for the premium tax credit depends on your income level in relation to your household size. In order to apply for these savings, you will need to provide information about the state you live in, your household size and your household income. You will have to provide that information when you go to submit an application on the Health Insurance Marketplace.
Don’t miss out on health insurance savings — start your marketplace research today. If you are over age 65 or are younger with certain disabilities then you may qualify for Medicare, another type of government health insurance. Some young people may qualify for Medicare if they have certain disabilities.
Like Medicaid, Medicare is much cheaper than private insurance, and sometimes it is even free.
If you receive Social Security benefits, then you are automatically enrolled in Medicare. If you do not receive Social Security benefits and you would like to apply for Medicare, you will need to complete a form available through the Social Security Administration site.
With Medicare, you can choose among four different parts:
- Medicare Part A is also known as “hospital insurance.” It covers you for inpatient services in a hospital.
- Medicare Part B is also known as “medical insurance.” This Part covers outpatient services like doctor visits, durable medical equipment and more.
- Medicare Part C (also known as Medicare Advantage) is an alternative to getting Parts A and B. With Medicare Part C, you will receive all the covered services from Parts A and B, but you will get them through a private insurer that contracts with the Medicare program.
- Medicare Part D covers prescription drugs.
If you choose Medicare Part C, you may have access to additional coverage, such as dental coverage. This is why some people opt to get Medicare Part C rather than getting Medicare Parts A & B.
One thing to keep in mind is the Medicare penalty. If you do not sign up when you become eligible, you may face a penalty, which means paying more for premiums for a certain amount of time.