What is the Affordable Care Act?
The Affordable Care Act (ACA) is the name for the health care reform law and its amendments, which address health insurance coverage, costs, and preventive care. The Affordable Care Act is often referred to as Obamacare as it was signed into law in March 2010 by President Barack Obama.
Under the ACA, those who were previously uninsured due to pre-existing conditions or financial circumstances and those who were insured in high-premium or limited-benefit plans may now be eligible for more affordable health plans with essential benefits. With the Affordable Care Act, thousands of people have access to quality health care. The plans cover services like annual checkups, maternity, and newborn care, prescription drugs, emergency services, mental health services, pediatric services, and much more.
Learn more about the Affordable Care Act
In this video, we explain the ACA and the Health Insurance Marketplace, including information on how you can get financial help paying for health insurance, what types of medical services are covered by ACA Health Insurance Marketplace plans, and when you can sign up and enroll To his family.
Who is eligible for ACA plans?
To be eligible to enroll in a Health Insurance Marketplace plan, you must:
- Live in the United States
- Be a citizen or naturalized, or legal resident of the United States
- not be incarcerated
- Have income above 100% of the federal poverty level
However, even if you meet the eligibility criteria above, you are not eligible to get a plan from the Health Insurance Marketplace if you are eligible for Medicare or Medicaid coverage.
In addition to US citizens, here are some categories of immigrants who can enroll in coverage offered by the Health Insurance Marketplace:
- Lawful Permanent Residents (LPR) or Lawful Temporary Residents (LTR)
- Cuban or Haitian immigrants
- Asylees and Refugees (eligible if you have been granted employment authorization or are under 14 years of age and have had an application pending for at least 180 days)
- Temporary Protected Status (TPS)
- Work or student visa
What is the American Rescue Plan?
The federal government has approved the American Rescue Plan (ARP) to provide help with COVID-19. In addition to providing stimulus checks, the law makes ACA plans more affordable by increasing financial assistance and making more people eligible to receive it. As part of the American Rescue Plan, consumers and people enrolled in an ACA plan can benefit from higher subsidies. The amount of the subsidy and what you save is based on eligibility, annual income, age, county, and plan selected.
What does the American Rescue Plan mean to you?
- If you currently have an ACA plan and qualify for additional financial assistance, you may have a lower monthly cost by September 1, 2021. You may also be eligible for health plans with more benefits at a lower cost.
- If you currently have an ACA plan and qualify for additional financial assistance, you may have a lower monthly cost by September 1, 2021. You may also be eligible for health plans with more benefits at a lower cost.
What does health reform like the ACA and ARP mean to you?
Sometimes events occur in our lives, some minor, others more serious. Sometimes they are expected events, other times they are unexpected. No matter what, a health plan can give you the comfort of feeling ready to face anything. And you may qualify for financial help to pay for it thanks to the Affordable Care Act and the American Bailout Act.
Depending on your income, your premium could be as low as $0 a month if you qualify* and you may pay less when you see a doctor. All this without having to sacrifice the quality of the service.
Our agents can find out if you qualify for financial assistance through the Health Insurance Marketplace that can help pay your monthly premium.
Key dates to get 2022 Health Insurance Marketplace coverage during Open Enrollment
- November 1 to December 15: Sign up before December 15 to receive coverage starting January 1
- December 15 to January 15: Enroll or renew your plan to receive coverage starting February 1.
Please note that you may be eligible to get a health plan outside of the Open Enrollment Period if you qualify for a Special Enrollment Period (SEP). A SEP is caused by a qualifying event, such as having a baby, getting married, or moving to a new county. Also, if your household income is currently less than 150% of the federal poverty level, you are eligible to enroll anytime during 2022 due to the ARP.
What are the four categories of “Metal”?
Plans on the Health Insurance Marketplace are divided into 4 “metal” categories:
- Platinum
- Gold
- Silver
- Bronze
All metal plans cover the same set of essential health benefits and don’t affect the quality of care you’ll receive. The categories are based on how you and the plan share the costs of health services.
For example:
- Platinum plans generally have the highest premiums and lowest costs when you get care. They are a good option if you require a lot of medical care and can afford a high monthly premium.
- Gold plans have a high monthly premium and low costs when you get care. These plans are a good option if you require a lot of medical care
- Silver plans offer a moderate premium and costs when you need care. If you qualify for cost-sharing reductions, you must choose a Silver plan to receive “extra savings.” These plans are a good option if you’re willing to pay more for your care for a lower premium or if you qualify for additional savings.
- Bronze plans generally have the lowest premiums but higher deductibles and out-of-pocket costs. These plans are a good option if you want peace of mind and protection against worst-case medical problems.
