“During 2013 my COBRA Healthcare Plan was manageable, but January 1st my premiums triple and the deductible/co-pays are exorbitant. I am still unemployed and don’t know what to do. What are my options?”
There are a number of changes coming in 2014, including changes to the levels at which the Federal Government is funding Medicaid. You may think you don’t qualify for Medicaid coverage because your income is too high, or because you are a single individual, not disabled or have no children, but under the Affordable Healthcare Act that is changing. As are some of the subsidies for out-of-pocket expenses and cost-sharing for Medicaid.
Prior to 2014 Medicaid eligibility was limited to low income families. It was also provided to the blind, elderly, disabled and those receiving cash assistance. Pregnant women and their children were also provided for under the system. It really seemed to gain a stigma, and often the people needing the most care ended up in the Emergency Department rather than the physician’s office. With the economy in Michigan changing ever so slowly, there are still many people caught up in the unemployed/underemployed mix who will benefit from the addition of Medicaid options.
In April 2014 the Michigan Medicaid program is being expanded to include any person living below 133 percent of the Federal Poverty Level. For an individual the income threshold is $15,800 and a family of 4 is $32,500. The restriction for individuals on disability without children will be lifted. There will be a small cost sharing fee, which over time may see small increases, but which is currently set at 5 percent of income quarterly.
If your income is between $11,490 and $45,960 you can consider low-cost insurance plans with are required to purchase a healthcare plan at full premium – 400 percent of FPL or $45,960 for individuals and $94,200 for a family of four – you may be eligible for low cost or subsidized healthcare plans.
There are scores of people who will benefit from the changes set to come when the changes to Medicaid take effect. If you still have questions about whether you qualify for Medicaid or to speak with one of AC Financial’s agents about one of the plans we manage, visit our website www.mihealthplans.com to get started.