With several companies reducing the amount of health insurance they offer their employees, many people are looking to the marketplace to find a good policy that won’t break their budget. Things have been changing and now, due to new subsidies, people are finding quality health insurance policies for much less than have ever been found in the past. The key is taking stock of what you have and then comparing it to what is now available.

New Subsidies

President Biden’s American Rescue Plan Act is making it possible for more people to be able to afford health insurance. The new subsidies that are now available because of ARPA offer more benefits for less money. People who already have coverage can now increase the limits of their existing coverage for a discounted premium, regardless of their income. The insurance marketplace offers several varieties of gold, silver, and bronze plans that will allow you to find exactly what you need at a price that you can afford.

Comparison Shop

Before you purchase any health insurance policy, you will have to look around. If you already have a policy in place, make sure you know what it covers. You may be able to find better coverage with a lower deductible than what your employer offers you. However, make sure to compare policies before you make the switch. If it sounds too good to be true, you may want to discuss the switch with your insurance agent.

Costs Less Than 9% of Your Income

One of the benefits of ARPA is that it caps the amount of money you will have to pay for your policy. You are guaranteed that your premium will be only 8.5% of your income. This reduces the amount of money you can be charged for health insurance, no matter how much money you make. It also makes it easy for you to calculate what your monthly premiums will be.

Health insurance is a necessity, especially if you have a family or a history of health concerns. If you are in the market to find a good health insurance policy, contact Nick Agliato at Steve Wilk Insurance Agency, Inc. He can be reached at nickAgliato@wilk4800.com. Call or visit the office today. You can also email Nick directly to get the assistance you need.