Affordable Health Insurance: What to Do When You Can't Afford Coverage

Healthcare costs can skyrocket without insurance, making it essential to find coverage before serious health issues arise. If you're struggling to afford traditional health insurance, there are still ways to ensure you and your family stay protected. Here’s what you can do if health insurance seems out of reach. 

What Happens If You Stop Paying Your Premiums? 

Failing to pay your monthly premiums could lead to the loss of your health insurance coverage. How quickly this happens depends on whether you're eligible for tax credits to help cover your premiums. If you qualify, you may be able to take advantage of a 90-day grace period, giving you time to catch up without losing coverage. 

Potential Penalties for Lapsed Coverage 

Depending on the type of policy you have and your insurer’s guidelines, you may face penalties if your coverage lapses. For those enrolled in Affordable Care Act (ACA) plans, a gap of 3 months or more without insurance could result in an "individual shared responsibility" penalty. However, some people may qualify for exemptions from these penalties. It's important to contact your insurer to see if you qualify for any relief, which can make managing insurance costs easier. 

Access Public Assistance Programs 

If you’re at risk of losing your health coverage for an extended period, there are government programs like Medicaid and Medicare that could help. Children may also qualify for coverage through the Children’s Health Insurance Program (CHIP). Reach out to your local Medicaid office or the federal insurance marketplace to determine which programs you qualify for. 

Plan for Health Coverage 

If you have the financial ability to enroll in a health insurance plan but need to wait for an ACA open enrollment period, make sure you know when it starts. In some cases, you may qualify for a special enrollment period if you've experienced a qualifying life event. Speaking with an insurance agent can help you plan and ensure you’re prepared to enroll when the time is right. 

Find Affordable Health Coverage Today 

Health insurance can feel like a heavy burden, especially without employer coverage. However, the Affordable Care Act offers a variety of reasonably priced options to keep you and your loved ones covered without draining your finances. If you’re unsure where to start, the experts at Trusted Senior Specialists are here to help. Contact us today to learn about your options and get the coverage you need. 

If you have questions or need assistance finding an ACA plan, call one of our Licensed Agents at Trusted Senior Specialists.

There is no cost or obligation for a consultation! 

We are available Monday through Friday from 8 AM to 8 PM CST,
and on Saturday by appointment.

You can reach us by calling: 1-855-952-1941 TTY: 711
 By calling this number you may be connected with a licensed agent.