In 2013, Governor Rick Snyder brought the Michigan Public Act 107 into law. It directly created the Healthy Michigan Plan. It provides healthcare benefits to those eligible. However, not everyone is eligible, which means you may need to look for health insurance.
When shopping around for Michigan health insurance, it can be a confusing and frustrating chore unless you visit someone like https://michigan-insurance.website/michigan-health-insurance/. There are so many different insurance plans to look at and finding the perfect plan for you at the right price is a tough task.
First of all, you’ll want to get health insurance because if you don’t have health insurance, you’ll have to pay a fine. The fine is a part of Obamacare’s individual mandate. The fine for not having insurance is $325 for adults and $162.50 for children, to a maximum cost of $975 per family or 2% of the family income, you pay whatever is more.
If your under 30 and don’t want to pay the fine, you can get away with just having catastrophic health insurance. It may actually be cheaper than the fine itself and worth investigating.
Just like any other type of insurance, you should take a look at as many plans as possible and get their premium charges for comparison. The other thing you’ll need to know, which an insurance broker can help you with, is the type of coverage you’ll need.
There are Exchange Plans for individuals who make less than 50k a year or families who make less than 100k. Anyone under an exchange plan has a decent chance to be eligible for tax credits through the Affordable Car Act. There are some stipulations you may need to follow to qualify for the tax credit, so you should be aware of all the qualifications.
On the other hand, there are also Private Plans for individuals who make 50k or more and families with income over 100k a year. These plans aren’t eligible for tax credits and can offer a wide variety of policies.
If you’re already getting confused, it could be helpful to you to speak with a broker. When you’re looking for insurance, you can either speak directly with the insurance company or use an insurance broker.
A broker may be more beneficial, as they might have more specific information about a variety of insurance companies. An insurance broker might also be able to get you a discount in your insurance, either directly through the insurance company or through a tax break, which you might normally not be aware of.