How to get a life insurance policy under the Affordable Care Act
How to protect yourself from life insurance coverage loss article 1.
Determine if you are entitled to life insurance.
If you are a qualifying person, such as a spouse, parents, child, or grandparent, you can be eligible for a life insurer.
Life insurance policies are generally more affordable than individual policies, so the policyholder will have less financial risk than an individual.
However, if your income is more than the insureds policy’s maximum coverage, you will likely be at a higher financial risk because you can’t afford the premium if the policy lapses.
To be eligible, you must meet the following requirements:Your income is at least $75,000 per year.
Your income is less than $200,000 and is under the maximum coverage limit.
You have at least two dependents.
You are not a spouse or parent of an eligible person.
If you are, your coverage would be denied.
For more information, go to Life Insurance Coverage Under the Affordable Act.
Deter if you have life insurance in place.
If so, you’ll be able to choose from a variety of policies.
You can’t get life insurance if you or someone you depend on is injured, disabled, or ill, and the person is covered under your policy.
To get life coverage under the ACA, you also must be able meet the eligibility requirements for the life insurance market.
For more information on coverage options, go here.3.
Deter whether your plan has a deductible.
The Affordable Care Law provides that you can deduct your health insurance premiums up to the $5,000 deductible.
However:To be covered, you have to have health insurance, and your policy must meet certain requirements.
To qualify, your insurance must meet a minimum requirement, like having to pay at least 20% of your health costs, or having to spend at least 90% of the premium.4.
Deter which plan is cheapest.
Depending on your state and insurance carrier, there are various options.
In general, you should check your policy for the lowest premium possible.
If there is a lower premium, that may mean that your plan is cheaper than the one that you’re choosing.
For example, if you get a policy from a carrier in the Southeast, you may have to pay the highest deductible and the lowest policy.
However you’re in the Northeast, you might have to choose the cheapest plan.
For an in-depth look at each insurer’s policy options, click here.5.
Deter your income.
Your policy’s annual percentage rate (APR) is your cost of living.
This number is the rate you’ll pay if you pay 100% of what you owe each month.
This rate is different from your premium because it reflects the cost of insurance.
For example, a policy with a rate of 6% would have a premium of $8,700.
To determine your cost-of-living, look at your state’s health insurance exchange, which will list the state’s rates for coverage.
This calculator will calculate the premium for a policy based on the most recent exchange rates, but it is important to be sure you are paying the right rates.
For a more in-detail look at the calculator, visit the Marketplace website.6.
Deter the health benefits you get from your plan.
Your health benefits are what you pay for, and they are determined by your insurance carrier.
For the most current coverage rates, go over to the marketplace, or call the Marketplace to check your coverage.
For your local insurance carrier’s website, go right to the website.