If you need affordable health insurance because of recent issues dealing with the pandemic or unemployment, you can get coverage with substantial savings through a special enrollment period for the Affordable Care Act (ACA).
AARP, which is collaborating with the federal government to get the word out so that as many as possible can benefit, filled us in on what you can expect with the ACA enrollment.
Who qualifies for the ACA extension?
More than 1.3 million Texans ages 50-64 may qualify for premium tax credits and, in some cases, pay as little as $0 on their premiums. They may also save up to thousands each year.
Many Texans could now pay as little as nothing for their premiums, while others could save up to thousands of dollars a year.
When long will the ACA extension last?
Through Aug. 15, Texans can save money on their health insurance by taking advantage of a new ACA special enrollment period, through healthcare.gov.
What are the benefits of enrolling?
Those who enroll will never pay more than 8.5% of their income on health insurance premiums during the following two years. If you already receive financial assistance, you could be eligible for additional help.
What if I need help with my application?
Healthcare.gov has a web page that allows you to put in your ZIP code and find insurance agents, brokers or local organizations that can provide assistance.
How and when to apply
- Texans can go to healthcare.gov to fill out an application.
- Your coverage takes effect the first of the month after you apply.
- If you have a life-changing event, such as the loss of job-related health insurance or loss of insurance through your spouse, you may apply at any time during the year.
- The usual ACA open enrollment period begins Nov. 1 and ends Dec. 15.
What will an ACA plan cost me? There are four types of plans in the ACA marketplace, and your monthly premium and out-of-pocket costs depend on your plan:
- Bronze: Lowest monthly premium; highest out-of-pocket costs. Deductibles can be thousands of dollars each year.
- Silver: Moderate monthly premiums; moderate out-of-pocket costs.
- Gold: High monthly premiums; lower out-of-pocket costs; low deductibles.
- Platinum: Highest monthly premiums; lowest out-of-pocket costs; lowest deductibles.
AARP, the nation’s largest nonprofit, nonpartisan organization, says it’s dedicated to empowering Americans 50 and older to choose how they live as they age. The group works to strengthen communities and advocate for what matters most to families, such as health security, financial stability and personal fulfillment.
To learn more about AARP, click here.