Get Covered: Strategies to Prevent Medical Debt
Health insurance open enrollment season is here. This period is critical for everyone. It is important for avoiding excessive medical debt.
The Affordable Care Act (ACA) Marketplaces open from November 1st to January 15th, 2023. Some states even extend it permanently. Having comprehensive health insurance is essential. This can help avoid financial strain from medical expenses. However, fully understanding what your insurance covers is key.
Research reveals barriers to enrolling in health coverage. These include language gaps and cultural differences. Also, lack of trust in the healthcare system and its complexity adds difficulties. Above all, affordability remains a significant barrier.
Recent policy changes have made ACA plans more affordable. The Inflation Reduction Act (IRA) plays a major role. It reduces health insurance premiums significantly. For those with lower incomes, it offers cost-sharing subsidies. All these changes make ACA coverage more accessible.
Individuals making up to $20,385, or $41,625 for a family of 4, now have zero premiums. For those earning up to $54,360 individually or $111,000 for a family of 4, subsidies are more accessible. The subsidy threshold is now 8.5% of income. These changes assist both younger and older adults.
Another change benefits your family. The administrative rule eliminating the ‘family glitch’ is game-changing. Before, family coverage costs could leave members uninsured. Now, more affordable plans are accessible.
Over 5 million people suffered due to the ‘family glitch’. The new rule helps families, allowing them to access ACA coverage. This significantly reduces the risk of medical debt.
Furthermore, ten states are launching programs to offer additional financial support. Maryland and New Mexico have new subsidies that make healthcare premiums more affordable. These policy changes make healthcare more accessible and affordable, protecting people from medical debt.
Before enrolling, there are several useful tools and tips to consider. Kaiser Family Foundation offers a guide on navigating plan selection. They highlight the importance of shopping around due to shifts in the insurer landscape.
Consumers for Quality Care provide a buyer beware guide. This helps in avoiding plans that may increase the risk of medical debt. High-cost sharing and junk plans are to be looked out for.
Going to reliable sources like HealthCare.gov is crucial. There are many scams, so use the official checklist and local support tool. ‘Get Connected’ by Young Invincibles is another helpful resource.
Protecting yourself from medical debt starts with securing the right health coverage. As an organization, we are committed to ending medical debt. We believe informed decisions during open enrollment can pave the way. Take the time to explore your options and get covered.
