Additional Financial Assistance With Health Insurance
NEW 2022 Federal Poverty Level Chart added
There is additional assistance called Cost Sharing Reduction.
Cost Sharing Reduction is in addition to a “Subsidy.”
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If your family size and income rank under 250% of the national Federal Poverty Level, you are eligible for additional assistance to reduce your Health Insurance expenses on your deductible, co-insurance and out of pocket maximum. Your overall medical expenses will cost you less out of your own pocket. You’ll get additional financial assistance to cover more of your portion of the medical expenses. So, in addition to getting the “Advanced Premium Tax Subsidy,” you’ll also have the “Cost Sharing Reduction” to reduce your normal out of pocket expenses such as deductibles, co-pays, and co-insurance.
This Benefit Is Only Available When You Buy A “Silver” Plan.
If your income is under the 250% poverty level, this is a very important and financially beneficial benefit to take advantage of. The ONLY WAY to take advantage of this cost sharing reduction is to pick and enroll into a “SILVER” plan. If you don’t pick a silver plan, you are passing up the extra savings. Many Nevadans will pick a Bronze plan because the overall monthly premium is less, however, in many cases, they don’t understand what they are giving up!
We’ve seen Nevadan’s enroll into a health insurance plan without help from a broker/agent, they buy the cheapest health plan available, shopping for the cheapest premium possible. If they’d understood this benefit, in some instances for just a few dollars more a month, their deductible could go from around $8000 down to sometimes as low as $0! Just to pay a few dollars less each month. You may not think it’s important, but one trip to the emergency room could cost you $0, or $8000+!
DO NOT harm yourself financially by picking a plan and not understanding the benefits you may be entitled to and may miss out on.
What does this mean exactly?
Let’s say you pick a bronze plan (the cheapest plan you can find). Then, during the year you use your insurance, like needing to have surgery on a broken leg, the hospital may ask you to pay your $8700 deductible first before they will perform your surgery. Even if they bill you, you still owe however many thousands! (Whatever your high bronze deductible is).
Now, if you would have gotten good advice and assistance and enrolled into a SILVER plan (when you are entitled to a cost sharing reduction), it’s possible your deductible could be as low as $0, or closer to $0 depending on what you qualify for. We’ve sadly seen it too many times that someone purchases the cheapest plan they can, not understanding that they were giving up, only to save themselves a few dollars a month.
This chart was updated 11/1/21
Get Sound Advice From Nevada Insurance Enrollment
Choosing the right health insurance plan can be a stressful and tiring process. Call a local, licensed health insurance agent today at Nevada Insurance Enrollment. We will ensure you select the correct plan that fits your families needs and budget.
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