Obamacare refers to the Patient Protection and Affordable Care Act (ACA). This law makes health insurance accessible and affordable for all Americans while offering new rights, protections, benefits and rights for consumers and employers alike. Employers are required to offer coverage to employees as a part of this act while individuals without coverage incur an individual surcharge fee.
What is obamacare?
The Patient Protection and Affordable Care Act, commonly known as Obamacare, was implemented in 2010 to reform the health insurance industry. Under its auspices, firms with over 50 employees must offer coverage under it, state/national health exchanges are set up, preexisting conditions are covered under existing policies without cancellation/rescindment policies being denied, life time caps on benefits are limited accordingly and young adults can remain on parent plans until age 26.
Individuals can purchase coverage through the Affordable Care Act’s Health Insurance Marketplace, an online platform. Individuals earning 100 to 400 percent of federal poverty level may qualify for premium subsidies to lower costs; smoking and family size also play a factor; people can sign up during annual open enrollment or special enrollment periods due to certain events; the ACA has also created the Health Benefits Tax Credit which helps offset cost for those with lower incomes.
How does obamacare work?
President Barack Obama signed into law the Affordable Care Act (ACA), commonly known as Obamacare, in 2010 to help lower healthcare costs and ensure more Americans had access to affordable health insurance plans. It includes both an individual mandate requiring them to purchase health coverage or pay a penalty as well as subsidies that assist lower income individuals cover the costs associated with their plans.
The Affordable Care Act also introduced health insurance marketplaces where individuals can compare plans and select one best suited to them. Individuals whose incomes fall between 100-400% of federal poverty level may also qualify for premium tax credits to help cover some or all of their health care plan’s cost.
The Affordable Care Act also changed how many people access health care by making Medicare easier to sign up for and expanding eligibility in certain states for Medicaid coverage. However, the Supreme Court is currently considering challenging individual mandate that could potentially undermine these changes.
Who is eligible for obamacare?
Prior to Obamacare being implemented, insurance companies could deny or cover people according to certain terms; this was especially problematic for people living with pre-existing diseases who spent a great deal on healthcare expenses for treatments that could otherwise have been avoided.
The Affordable Care Act/Obamacare has set forth rules for insurance providers, while also offering subsidies that help people afford their health insurance premiums. Based on household income, people may qualify for various amounts of subsidies to assist with costs; typically households who fall within 139% of poverty qualify.
Signing up for health coverage can be done during either annual open enrollment period, or if a qualifying life event such as having a baby, getting married, or losing other coverage arises. When applying, applicants will need to provide information about themselves such as Social Security Number, employer details and income projection for this year as well as current policy numbers of other plans they currently own.
How do I apply for obamacare?
Before Obamacare was implemented, health insurance was only accessible through employers or group plans. With the Affordable Care Act (ACA), individual health coverage became accessible and premium costs decreased for most people.
The Affordable Care Act prohibits insurers from refusing to cover preexisting conditions or charging higher premiums, and allows adults up to the age of 26 to remain covered under their parent’s health plans.
The Affordable Care Act also created a healthcare marketplace where individuals could shop for health insurance and get cost assistance. There are plans available for every income level on this platform; you can enroll during Open Enrollment from November 1 to January 15 each year or during special enrollment periods caused by life events like marriage, birth or job loss.
