1. Affordable Care Act subsidy
Also known as Obamacare, the Affordable Care Act was put in place to be able to provide government subsidies to those who want to be able to buy their own health insurance.
ACA provides coverage for part of those insurance plans, including those who have monthly premiums, and also contains CSR (cost-sharing reductions) to reduce how much you have to pay out of pocket for health care.
This is one of the best ways to be able to get cheap healthcare insurance, as this act has been extended until the end of 2025 and the income cap for people to qualify for the subsidies (premium tax credit) is 400% over the poverty limit.
That way, you will not have to pay more than 8.5% of your household total income for the benchmark health insurance plan of your choice.
It is good to keep in mind that whether you qualify or not is dependent on your age and where you live, which can mean you may qualify even if you are above the cap earlier mentioned.
