Getting Financial Assistance to Pay for Health Insurance
To aid you in paying the premiums, or monthly fees, for your health insurance, you can avail of financial assistance. The Søk om lån amount will depend on the family earnings and the number of members of the family. Here are the things you need to know about getting financial assistance.
The Kind of Financial Assistance Available
You will be able to avail the financial assistance if you purchase health insurance through the insurance marketplace of your state. While the premiums are being paid, you will be dealing with the rest of it.
The Qualified Persons
The qualified person to get financial assistance has to be the following:
- A lawful individual residing in the United States that is not currently in prison or jail
- An individual who cannot afford health insurance that can cover the basic needs for health care through a current job, a job of a family member, Medicare, Medicaid, the Department of Veterans Affairs or the Children’s Health Insurance Program
- An individual belonging to a family with a specific number of people who makes less money than the indicated bracket presented by FamiliesUSA.org
Aside from the insurance being bought through the marketplace, to get financial assistance, federal taxes are needed to be filed for that year.
Methods of Application
Application for getting financial assistance is similar to applying for health insurance. You can make the application via either online or through filling up the paper document. Once you have applied, that will be the time you will know the amount you will be getting.
When and How to Get
- To get financial assistance immediately, the marketplace will direct the amount to the health insurance company.
- To get financial assistance at the tax season, if you had paid the premiums, the amount would be used to deduct the taxes you owe. Therefore, you will be paying fewer taxes, and if you don’t owe anything, the financial resistance will go back to you as a refund.
- To get the financial assistance right away and at tax season, the marketplace will direct a part of the amount to the health insurance company, and the rest will be used to deduct owed taxes.
Reduction of Health Insurance Upon Getting the Financial Assistance
The amount you need to pay for your health insurance depends on the amount of financial assistance you get. Lower incomes tend to get more money than those with higher incomes.
The Need to Use Financial Assistance Immediately
The financial assistance is designed to help you pay the premiums of your health insurance. The amount will depend on your income and family’s income being declared upon application. However, if you get the financial assistance and the economic circumstances suddenly improved, then you might be subjected to returning the corresponding amount.
To prevent such a financial bother, better not to use the full amount of the financial assistance or select a lesser amount during the application. The situation is not that troubling since it can only be bothered if your financial circumstances are later improved, which is a favorable situation.
Financial assistance is made to help you with your health insurance, which is helpful when a medical emergency happens. It also caters to your state of livelihood. Be informed of the proper steps to maximize the system.