Obamacare
The Affordable Care Act, also known as Obamacare, created big changes in the health insurance market. These changes were designed to give consumers increased rights when taking out a health insurance policy and guaranteed minimum coverage for essential care. Plans that meet the criteria outlined by the ACA are known as Affordable Care Act compliant.
Increased protection
Whatever Obamacare approved policy you choose you can rest assured that it will meet minimum levels of coverage, meaning you are protected from high unexpected medical costs and will have access to essential healthcare through your plan. The ACA mandates that your health insurance plan must provide coverage for the following essential benefits:
- Outpatient care
- Emergency room care
- Hospital inpatient care
- Pre and post-natal care
- Mental health and substance abuse treatment
- Prescription drugs
- Lab tests
- Preventative services
- Pediatric services
- Rehabilitory services after an accident or due to a chronic illness or disability
In addition, the ACA also mandates that these plans must also be available to everyone.
No denial of coverage
In the past it was extremely difficult for some people to get coverage, either because of their health problems, due to their age or even just because the cost was prohibitive. This is no longer the case. The Affordable Care Act created regulations that prevent insurers from denying you coverage due to pre-existing conditions, and premiums cannot be increased due to your health status.
Affordable rates
Affording your policy is now easier than ever. The rates your carrier charges are regulated either by your state or the federal government to ensure that policy costs do not increase without reason. Carriers must also spend the majority of you premium on paying for healthcare costs or on making improvements in the standard of care you receive. If you need additional help paying for health insurance you may be eligible to receive a subsidy towards your monthly premium. Learn more about subsidies here.
Understanding the labels
Obamacare plans come in five levels:
CATASTROPHIC:
Offers the lowest level of coverage and are only available to people under 30 and those with a hardship exemption.
BRONZE:
Pays around 60% of healthcare costs
SILVER:
Pays around 70% of healthcare costs
GOLD:
Pays around 80% of healthcare costs
PLATINUM:
Pays around 90% of healthcare costs
This wide range of choice gives you the opportunity to find a plan that offers the best balance of cost and coverage to meet your lifestyle needs. Shop for family or individual plans today.
Buying an Obamacare compliant plan
You can enroll in an Obamacare plan either on-exchange or off-exchange. This means you will either enroll through the healthcare exchange that regulates your state’s heath insurance or directly with a carrier via a broker. Many carriers offer plans both on and off-exchange, the key difference is that you can only apply for subsidies if you enroll in a plan on-exchange. Learn more about exchanges here.
You can enroll in an Obamacare plan today! The Open Enrollment Period only happens once per year and closes on January 31st 2016, request a quote today to ensure you don’t miss out on Obamacare coverage for the next year!
The penalty for not having insurance
If you do not have Obamacare compliant coverage for the duration of the year you will likely have to pay a tax penalty. The tax penalty is calculated on a month-by-month basis, with a full year without coverage costing $695 minimum per adult in 2016.