How to pay less on your monthly health insurance premiums

Health insurance can be a very expensive expense. For the average American family health insurance premiums are as high as $16,000 annually. Most people don't realize premiums are this high because employers pay a big portion of this bill if a person has employer sponsored health insurance.

However, what do you do if you have to pay this bill on your own? Starting in 2014, if you get your health insurance coverage through the Health Insurance Marketplace, you may qualify for the premium tax credit. The premium tax credit can help make health insurance more affordable for individuals and families with moderate incomes. In some cases, the tax credit can be enough to make monthly health insurance premiums drop down to $0.

The premium tax credit can help make health insurance more affordable for many people, but how do you qualify for the tax credit? There are five requirements to qualify for the tax credit.

  • you must buy health insurance through the Marketplace;

  • you are ineligible for coverage through an employer or government plan;

  • you are within certain income limits;

  • you do not file a Married Filing Separately tax return and

  • you cannot be claimed as a dependent by another person.

The amount of credit an individual or family receives depends on the household size and income. Once you qualify for the premium tax credit, you can choose to apply the credit now in order to lower your monthly health insurance premiums or wait to get the tax credit when you file your income tax return.

NAC Insurance can assist you with all your health insurance questions. Learn how to add NAC Insurance as your broker.

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What is a health insurance broker?

Health insurance brokers play a vital role in the Health Insurance Marketplace (Obamacare). The role of a broker is to  assist customers with the Affordable Care Act which  includes applying, updating application, and choosing a plan. In many states only an insurance broker can help you choose a plan.

Brokers are licensed professionals that have a clear understanding of how health insurance plans work. They receive their license from each state that they do business in and must go through an extensive process before receiving their license.  Brokers must also complete a certain amount of re-certification hours every year in order to keep their license. 

You would think having a licensed broker would cost you a lot of money, right? Not exactly, having a health insurance broker is absolutely free to you. Brokers are paid directly from the insurance companies when you choose your health plan. It does not matter whether you have a broker on your health application or not, the price of your monthly insurance premiums does not change. Essentially you get the best of both worlds, the professional expertise of a broker and the fabulous low price of FREE!

So how do you assign a broker? It's actually very easy to add a broker to your application and get all the help you need. Steps to adding a broker can vary depending on whether your using an exchange administered by your state or the federal government. But it can be as simple as adding the broker's agency information and updating your application. 

NAC Insurance can assist you with all your health insurance questions. Learn how to add NAC Insurance as your broker. 

Sign up for FREE broker support!