How can I lower my premiums?

December 21, 2013

By working with AHIPE, our experts will create a financial plan specific for you or your business that saves you the most money.


The rules and pricing that apply to individual and small business (less than 50 employees) today will be changing pretty drastically under the new law.

 

Some of the changes to individual and small business plans include:

 

  • No insurance company can turn you away or charge you more for pre-existing conditions, claims, gender or profession. 

 

  • There are limits on what insurance companies can charge older adults compared to younger adults for the same policy, making older adult premiums much more reseasonable than before.  

 

  • Insurance companies must justify premium increases and limit their profit margins. 

 

  • Benefits will also change to limit your out-of-pocket expenses, a core set of Essential Health Benefits must be included in all plans, no lifetime or yearly limits on Essential Health Benefits so you can't run out of insurance, and you must have 100% coverage for preventive services, just to name a few.

 

Qualifying for reduced premiums or lower out-of-pocket expenses:


Based on income, you might qualify for a tax subsidy to reduce your premium or out-of-pocket on new health plans. A tax subidy is the amount of money the government will pay each month to your private insurane company to lower your premium and make it affordable for you. The amount you receive, if any, is based on family size and household income. You can only use your subidy if you qualify, enroll during Open Enrollment, and do not have access to an affordable job-based plan. 

 

These changes will cause some people to save a significant amount of money while getting better coverage. 

 

But some might pay more under the new law:


If you are someone who has been paying very high premiums because of pre-existing conditions, age, gender or industry, then you are likely to see some premium relief, especially if you qualify for a tax subsidy.


But if you are paying very low premiums today because of preferred health, young age, male gender or non-rated industry, then you might see your premiums increase, especially if you do not qualify for any tax subsidies or small business tax credits.


The best thing for you to do is to let our experts review your current insurance plan and compare it to your new coverage options. We will advise you on what offers you the most benefit and most premium savings.


 

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