In the past, the only way to pay for your health insurance premiums were your employer, direct deposit, or by sending a check to the insurance company. But now, the largest publicly managed health plan in the nation, LA covered care is allowing customers who do not have traditional bank accounts to pay their health insurance premiums with money.
Individual Mandate 
As a reminder, before Obamacare and not all Americans have access to health insurance. With Affordable Care Act , now all people are required to purchase health insurance. And through the Health insurance markets they have a place to go to buy it, without having to go through an employer.
Prime problems
consumer advocates have long pushed for easier ways for the working poor to pay their insurance premiums. One in four Americans who were previously insured and eligible for federal insurance subsidies do not have a bank account, relying instead on prepaid debit cards, money orders, and money to pay their bills, according to a study by Jackson Hewitt Tax Service . Some households with low or moderate income avoid bank accounts because checking account and overdraft fees can wreak havoc on their precarious finances. So pay a premium by bank transfer or check simply was not working for many of the Americans.
Option Cash
Last month lA covered care, announced an insurance plan that has made the cash payment system neighborhood. It is available to consumers who are eligible for government subsidies through the exchange of state health coverage, covered California. Members can pay their premiums at 1,953 stores in California, including all 7-Elevens, by scanning a bar code associated with their account. The payments appear within 24 hours and the service is free for guests.
Laura Jaramillo of L.A. Care covered said: "We are very happy. We believe this new payment method will make it extremely easy and convenient for people to pay their premiums. "She adds that the insurance company hopes a few thousand of the 17,000 members covered California plans will use the new payment option. It is not know how many members lack bank accounts, but about 40 percent of mail in an office, staff check check or cashier, rather than paying with a credit card online. an additional number also pay with a debit card prepaid online.
took effect Before the Affordable Care Act markets last year, officials of Obamacare administration ordered health plans to accommodate individuals do not have bank accounts accepting checks, bank checks, money orders, however, not cash. this was decided because they thought it would be too complicated. Managers of California covered also discussed requiring health plans to accept cash payments, but eventually decided against it. With the implementation of the new payment option, people will no longer have to wait in line to make their payments. The health plan will be charged a fee equivalent to a payment for transactions by credit card, thus saving the participant to pay the costs.
Conclusion
With ACA individual mandate, health insurance is now easily accessible and affordable. Although there are no other known health plans for low-income residents to make their premium payments in cash, L.A. covered care is apparently paving the way. Now, participants who do not have bank accounts will have the opportunity to pay their premiums with the ease and convenience in the participating institutions.
What do you think of health plans offering the option of paying premiums with money? Share with us below.
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