Middle-class Americans that do not qualify for “premium tax credits” or “cost-sharing” are feeling the repercussions of a failing healthcare system.
The Marketplace provides Americans with pre-existing conditions access to health insurance with premiums based on their income bracket and not their health. If your income changes so does your premium tax credit.
Due to income guidelines for subsidy programs, many middle-class American households are finding themselves paying full price for their healthcare through the marketplace only to have basic coverage, limited networks, and high deductibles.
The problem isn’t if Americans were to use their health insurance would they be able to pay for the out of pocket exposure associated with a major medical but If they were to stop working due to a major medical event, would they be able to continue to pay for coverage through the marketplace?
- If your income drops below the federal poverty level: You will qualify for Medicaid.
If your state Medicaid department hasn’t expanded to provide coverage outside of maternity or disability you either go without coverage or you pay full price for health insurance through the marketplace those are your options.
Moderately healthy people are leaving marketplace plans for private coverage because of premium cost savings, larger networks, richer benefits, consolidated family coverage, and less hassle compared to the marketplace coverage.
Savings for Private Medical Insurance is substantial!
Private medical insurance premiums are cheaper for those who qualify for coverage. Unlike the MarketPlace options, the private market underwrites its applicants. Therefore, keeping the cost of premiums down, by selecting their policyholder’s through a process called underwriting.
The healthier the applicant is the more affordable the monthly premiums will be, as most carriers will set premiums based on the applicant’s current healthcare requirements.
Middle-class families should be investing in their retirement or SAVING for unforeseen medical events, not paying unaffordable premiums. Private Health Insurance is providing Americans an avenue for affordable health insurance and products that provide benefits to protect themselves financially during the event of a catastrophic medical event and still save money on their overall healthcare coverage.