It has been a question raised by every single American on how to acquire private health insurance with better benefits, however, with private health insurance prices that are way up a higher a low-income earning American could almost impossible be able to take advantage of one. Moreover with certain strategies that an average American can come up with it is not impossible to get private health insurance to acquire. Here are some helpful ways on how to do it.
It may seem a better option to buy off-exchange directly from an insurance provider, it has been proven this year after the new administration that cut off the funds for insurance companies subsidies that allowed low-income earners to afford private health insurance with better benefits. Most insurers even boosted premiums on plans that require to be subsidized by the ACA exchanges. This resulted in insurance plans being sold at a cheaper price.
Join a Group Health Insurance
In order for you to buy a less expensive private health insurance, it is best to join a professional association, membership organization, a trade group or an alumni group. With this membership group, you will be pooled with other members of the group so your premiums will be lowered as the fees will be divided within the members of the organization. Organizations such as the National Association for the Self-Employed and the Alliance for Affordable Services will be able to help you out as their members include small business owners and entrepreneurs. This may be a good option for you to consider.
Invest Money on HAS
Since you have considered buying a high-deduction kind of health plan, you will be eligible to put your money on the health savings account, it can also help you lower your adjusted gross income. Putting your money on HAS is one of the good ways to cover some of the healthcare expenses.
In the event that you will not be able to have access on an employer-sponsored plan, what you can do is you can deduct 10 percent of your health insurance on your taxes. A medical expense deduction is also another way to cover the premiums. It allows people with high healthcare cost to deduct their spending. The qualification is that your medical expenses must be 10 percent out of your entire income.