The Affordable Care Act (ACA) mandates all Americans be enrolled in a health insurance plan by March 31st, 2014 or they have to pay a penalty.  But what about those who feel they can’t afford coverage? 

The ACA provides both subsidies and tax credits in order to assist Americans with low to moderate income levels to purchase and take advantage of health insurance.  In order to have access to these financial assistance tools, consumers can buy their policies through the health insurance exchanges that can be accessed at www.healthcare.gov.

Tax Credits help people reduce the cost they may pay for insurance premiums.  To qualify, a person must earn between 100% and 400% of the federal poverty level or between $11,490 and $45,960 annually and buy coverage through the health insurance exchange. You will need to supply income and employment information to see if you qualify.  Humana’sEasy Price tool can help you compare plans in your area and see if you may be eligible for a government subsidy to help cover the cost of healthcare.

Cost-sharing subsidies may also help reduce the amount of money people pay out-of-pocket for care.  These out-of-pocket costs include co-pays, co-insurance, deductibles and other fees.  To qualify a person must earn between 100% and 250% of the federal poverty level. 

For more information about how healthcare can be affordable go to www.healthcare.gov or check out how Humana can help you find affordable plans in Detroit.