The Affordable Care Act (ACA), also known as Obamacare, was signed into law in 2010 to help provide affordable health insurance for all Americans. It also protects people with preexisting medical conditions from being denied coverage by insurers.
The ACA makes it easier for you to buy a health insurance policy by offering subsidies, like cost-sharing reductions and advance premium tax credits, to lower your monthly premiums.
What is Obamacare?
Obamacare is a 2010 law that helps people get health insurance. It includes subsidies to help lower income individuals pay for their coverage and requires insurers to cover a list of essential benefits.
In addition to subsidies, the law also helps lower healthcare costs by requiring that all health insurers spend at least 80% of your premium dollars on actual medical care rather than on overhead and profits. This law also prohibits insurance companies from denying you coverage or charging you more based on your pre-existing conditions.
Free Prevention Benefits: Under the Affordable Care Act, insurers must offer a variety of recommended screenings and preventive services with low copays or deductibles. The law has already helped 137 million Americans get better preventive care, saving them money on expensive care later on.
The ACA has also eliminated lifetime and annual dollar limits on essential health benefits (EHBs). More than 105 million Americans have lost these lifetime limitations.
What is the Health Insurance Marketplace?
The Health Insurance Marketplace is the place where you can buy a policy for yourself or your family. It’s an online market where private insurers compete with each other to provide the best coverage for your needs.
The Marketplace is also where you can get subsidized financial assistance to help reduce the cost of your health insurance. This can come in the form of a premium tax credit or cost sharing reductions.
Most non-elderly Americans have health insurance through their employer, meaning they don’t need to use the Marketplace. They can choose to decline their employer’s coverage and choose a plan in the Marketplace instead, but they won’t be eligible for financial assistance unless their employer’s coverage would be considered affordable and/or wouldn’t provide minimum value.
All Marketplace plans must meet ACA requirements, which means they can’t use medical underwriting or exclude you for pre-existing conditions. They must also cover ten essential health benefits without annual or lifetime benefit caps.
How do I buy a health insurance policy on the Health Insurance Marketplace?
In most states, health insurance is purchased through the Health Insurance Marketplace (also known as an exchange). It offers a wide selection of health coverage options and allows you to shop for plans that meet minimum standards established by the Affordable Care Act.
The Marketplace is available to all Americans who are not covered by an employer-sponsored plan. Depending on your income and other factors, you may be eligible for subsidies, also called premium tax credits.
When you shop for a health insurance policy, the most important things to consider are your premium and your deductible. The premium is the monthly amount you pay for your health insurance coverage, while the deductible is the amount you must pay out of pocket each year before your insurance company starts to cover your medical costs.
If you choose a policy through the Marketplace, you can also apply for special enrollment periods that are triggered by certain life events, like losing or changing your existing coverage. These special enrollment periods give you 60 days to enroll in a plan or switch to another one.
What are my options?
When it comes to buying a health insurance policy, there are many ways to do it. One way is to use a broker or an insurance comparison site. Another is to buy a plan from your employer. However, if you’re on the hunt for the best deal in town, it may be worth shopping around on your own.
If you are looking for an ACA-compliant health plan that fits your budget, there is a wide range of options to choose from. The most notable is the Obamacare exchange, which offers more than 200,000 plans in every state. You may also be able to find a plan through an employer or an agent who specializes in securing health insurance for individuals. There are also a handful of online discount health insurance sites where you can shop for a plan that suits your needs without the hefty price tag. The best part is you can get the cheapest health insurance quotes from top-rated agents in your area, no matter what your budget or healthcare needs are.
