So the question comes up as we’re working with people in the marketplace if they should take Medicaid or take a plan on the marketplace. With some there isn’t a choice. If your income is at a certain point then the only option you really have if you want insurance is Medicaid.
The other thing that is possible is if your income is borderline then there is the possibility of overstating income. There was an NPR article that came out last year about overstating income: (http://apps.npr.org/affordable-care-act-questions/#search/income) In a nutshell if you overstate your income and you receive too little of credit then you will not be penalized, in fact there’s a possibility that you could receive a tax credit.
But back to the question: what about Medicaid? Medicaid is actually administered through your state Department of Workforce Services. They typically contract with a local health insurance company and depending upon your income your premium could be little to nothing. And the benefits are pretty good. Your deductibles and copays are usually pretty low. So why do people have a hard time going on Medicaid? I think its an issue of being supported by the state. But if you don’t qualify for a plan through the marketplace because your income is too low then Medicaid is a really good option and we recommended it if that fits your situation best.
This post was written by Timothy Jackson, President of The Health Insurance Specialists.
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