In March 2010 President Obama signed into law comprehensive health care reform law (also referred to as Obamacare). It requires all Americans to have health insurance and for insurers not to deny coverage or increase premiums based on preexisting conditions.
Open enrollment typically occurs November through January for most residents; however, you may qualify for a Special Enrollment Period by undergoing specific life changes such as losing other coverage, getting married or having a baby.
What is the Affordable Care Act?
The Patient Protection and Affordable Care Act, more commonly known by its nickname Obamacare, took effect in 2010. This health insurance reform law broadened coverage to millions of Americans through Health Insurance Marketplace and Medicaid expansion; prohibited insurance companies from denying you coverage due to preexisting conditions; required all plans complying with ACA to cover essential benefits; etc.
The Affordable Care Act made it possible for families whose income falls within 400% of poverty level to access cost-sharing subsidies to help cover premium costs, while also permitting young adults up to 26 to remain on their parents’ plans and expanding Medicaid in many states. While intended to make healthcare more affordable, its implementation has had unintended repercussions; see eHealth’s Obamacare timeline to learn about its development over time and discover our selection of ACA compliant health plans tailored specifically towards your needs.
How do I sign up?
The Affordable Care Act, commonly referred to as Obamacare, has enabled millions of people to gain health coverage through marketplace plans. Each year there is an open enrollment period when anyone can sign up or switch their current plan – during this period insurance companies accept anyone regardless of preexisting conditions and those not enrolling may face penalties for noncompliance.
Outside the open enrollment period, a person would only be eligible to purchase an Affordable Care Act health insurance plan after experiencing a qualifying event such as having a baby, losing employment-based health coverage, or moving states. Other options available to them include short term health plans, Medicaid/CHIP plans and Medicare.
This year, open enrollment for the Affordable Care Act begins November 1st and runs through January 15th. To find out how you can sign up, visit our ACA Marketplace page where we explain everything from enrollment dates and deadlines to what plans are available in your area.
What if I don’t qualify?
The Affordable Care Act, more commonly known as Obamacare, gives many uninsured Americans access to affordable health insurance through the marketplace. By 2023, 4 in 5 of those receiving financial help for ACA plans will pay an average cost of $10 or less each month for coverage through this law.
New York State of Health can assist in finding an Affordable Care Act plan that fits your budget. Additionally, this marketplace will tell you whether or not you qualify for programs to reduce costs such as Medicaid, Child Health Plus, the Essential Plan, Advance Premium Tax Credits or Cost-Sharing Reductions that could provide savings.
Even if you already have access to health coverage through work or qualify for other types of insurance, the Affordable Care Act mandates that everyone has an opportunity to purchase an individual market plan during open enrollment. You can only buy outside this window if experiencing a qualifying life event like moving, getting married or having a baby.
What if I don’t want to sign up?
The Affordable Care Act mandates large employers to offer health coverage that satisfies specific standards or pay a penalty, while smaller employers and individuals may purchase coverage through an exchange marketplace, known as an “exchange.”
In most states, Marketplace plans’ open enrollment period runs between November 1st and January 15th each year. Other forms of coverage can be purchased outside of this window period such as supplemental policies, Medicare Advantage/Part D drug coverage plans, Medicaid programs in many states or even child-only policies through some private insurers.
While those options may not meet ACA’s requirements and leave you vulnerable to unexpected medical bills, qualifying life events allow enrollees to purchase Marketplace plans outside the open enrollment period; such events include changes in income or household size, marriage, pregnancy, adoption loss of coverage as well as permanent moves into a different geographic location. There are also options that don’t adhere to ACA standards such as short-term insurance or fixed indemnity policies available outside this window.
