Several large companies have dropped health insurance options for part-time employees, including Target, Trader Joe’s, and Home Depot. In most cases if you have a part-time job, under the Affordable Care Act, part of your health insurance premiums can be subsidized. Also, you could actually have better health insurance benefits than you did previously with a new health insurance plan. However, if you are a high-salaried employee that has lost healthcare benefits, the change may not be so advantageous for you, and if you just lost coverage and the transition period expires you may have to pay out of pocket for medication and doctor visits. There are other ways to help control your healthcare costs though.
Options through the Health Insurance Marketplace
If you have lost coverage, peruse the health insurance marketplace to learn more about your new health insurance options. Here we’ve provided a snapshot of the average national tax subsidies available for silver plans when you apply for health insurance through healthcare.gov. Silver plans must cover preventative care costs and 73% of your total possible health care expenses for the year. If you want to further lower your monthly insurance premium, you may choose a bronze plan, but this will result in more out-of pocket expenses. If you earn an average part-time salary, you will more than likely qualify for a tax deduction or subsidy that covers over 50% of your health insurance cost.
|Annual Income-Single||Tax Subsidy||% of Premium Covered||Your Monthly Cost|
If you happen to be married or have children, your household income can be higher, and you will get subsidies or deductions similar to the ones below.
|Annual Income-Married||Tax Subsidy||% of Premium Covered||Monthly Cost for Two|
If you or your family’s status isn’t covered on these charts, or you would like to calculate specific state rates, click here.
I Lost My Insurance after the Enrollment Deadline
If your health insurance happened to be dropped after the open enrollment deadline, which was March 31 for the national health insurance marketplace, you can still apply for health insurance through healthcare.gov. Losing access to your previous health insurance is what insurance companies call a qualifying life event. This permits enrollment outside the normal period. Other qualifying life events include having a baby, getting married, moving, or a change in employment status. A change in employment status not only includes losing a job, but also includes going from full-time to part-time status, or becoming self-employed, among others.
How to Reduce the Price of Medications – Regardless of Insurance
While you make a transition to a new health insurance plan, or you find yourself with high out-of-pocket pharmacy costs, there are options to lower the cost of your medications regardless of your insurance status. Prescription & drug discounts, available through HelpRx, can help you save up to 75% off the cost of a medication in your pharmacy. In some cases, discounts can be as high as 90%! If you have a higher income level and are not eligible for healthcare subsidies or patient assistance programs, HelpRx discounts are just as helpful and available to you as they are to everyone else. The average family saves over $300 a year. HelpRx prescription discounts are free and accessible through our printable coupons, electronic coupons, mobile app, or discount cards.
We offer many prescription discounts beyond just those listed above, be sure to search our discount database for the savings available for your pet’s needs. Also, view our Affordable Care Act infographic for more information about how the affordable care impacts you. Also keep in mind that if your health insurance has been dropped by your employer you do now have options to cover your medical costs.