ACA & Unbanked Factsheet – How to Pay for Health Insurance

Beginning October 1st, 2013 Illinois residents will be able to purchase health insurance through the Illinois Health Insurance Marketplace. For those not covered by Medicaid, there are several ways to pay for health insurance. The federal government requires all health insurance companies selling on the Illinois Health Insurance Marketplace to accept the following payment methods:

• Checking Account – Electronic Fund Transfer
• Checking Account – Paper Check
• Money Order
• Cashier’s Check
• Prepaid Card

The accompanying guide, “How to Pay for Health Insurance on the Marketplace,” is a resource for consumers, navigators, financial education providers, and other direct service providers to help consumers understand their payment options and choose the one that fits them the best. This guide details how consumers may use each payment method, their estimated monthly costs, and helpful hints for each method. It also outlines what consumers should look for when choosing a checking account and various payment methods that may be accepted by participating health insurance companies, but are not required.

IABG encourages the use of payment methods that help facilitate continuous coverage, such as automatic deductions from a checking account.

Fore more information on how ACA implementation effects the unbanked please see our blog series, Affordable Care Act & The Unbanked: Part 1 & Part 2.

UPDATE:

Get Covered Illinois, the Official Health Marketplace, opened its virtual doors on October 1st, offering a new way for the 1.7 million uninsured in Illinois to get covered.

IABG, Everthrive Illinois, and Heartland Alliance co-hosted a webinar on October 28th titled Connecting the Unbanked to ACA Coverage. Presentation documents and a recording of the webinar are available here.