The Affordable Care Act, commonly known as Obamacare, makes health insurance more accessible and helps lower healthcare costs by offering subsidies to individuals and families.
Law can provide many advantages, but it also presents challenges. That is where a licensed agent can be invaluable – they specialize in helping you make sense of it all!
Pre-existing conditions
If you have a pre-existing condition, you could qualify for financial assistance to purchase an Obamacare plan. This was one of the primary purposes of the ACA.
Before the Affordable Care Act (ACA), insurance companies could deny coverage to you or your family if a health problem wasn’t diagnosed and treated promptly. They might also raise your premiums or restrict what kind of care you can access if you have a pre-existing condition.
Thankfully, that all changed with the Affordable Care Act (ACA). All Marketplace plans must now cover treatment for a pre-existing condition.
Medicaid and the Children’s Health Insurance Program (CHIP) are two such examples. All individual market plans are prohibited from discriminating or charging you more due to your health condition, which is especially essential for those with pre-existing conditions which can be expensive and challenging to treat.
Age limits
Florida remains unchanged by the Affordable Care Act when it comes to eligibility rules; in order to be eligible, you must be at least 18 and unmarried. Furthermore, be aware of the income limits for qualifying.
To determine your eligibility for this program, it’s best to self-certify or seek assistance from an insurance professional. You may also want to reach out to a local community health center or nonprofit organization for more information about it.
If you’re thinking about purchasing a health insurance plan, make sure to explore the ACA marketplace to view what’s available and compare plans side by side. With low premiums and excellent customer service available on this platform, taking advantage of all that the marketplace has to offer will give you insight into your healthcare requirements. Making an informed decision is the smartest move you can make; with some of America’s most reputable health insurers available through ACA exchange, taking time to shop around is worth your while before signing up for any plan.
Subsidies
Subsidies help lower premium costs, making health insurance more accessible for more people. These subsidies are administered through both the federally run Marketplace and state-based exchanges.
Subsidies for medical insurance plans typically depend on your current household income and the cost of a benchmark plan (the second-least expensive silver plan in your area). The subsidy amount will then be determined as a percentage of that income.
The Affordable Care Act (ACA) also included cost-sharing reductions (CSRs), which allowed low-income enrollees to pay lower out-of-pocket expenses for healthcare. Unfortunately, the Trump Administration abruptly cut funding for CSRs last fall.
Florida insurers must price their 2018 coverage with the assumption that they will no longer qualify for federal cost-sharing reductions. If they do, 1.3 million Floridians – the highest share in America – could lose their subsidies.
Enrollment period
During open enrollment, individuals and families with incomes below 250% of the federal poverty level can purchase individual and family health insurance plans. They may also qualify for premium tax credits and cost-sharing reductions.
Florida experienced a record enrollment period, with 3.2 million people signing up for coverage – accounting for 20 percent of all Obamacare enrollees nationwide, according to the Centers for Medicare & Medicaid Services.
Enrolling in a plan is easy and free. If you need assistance, reach out to a certified marketplace navigator or licensed insurance agent who can assist.
State navigators work tirelessly year-round to guarantee people have access to adequate healthcare coverage. Each yearly open enrollment period offers mandatory enrollees another chance to change plans if a life event allows them to do so.
Though enrollment numbers have gone up, Florida still has a high uninsured rate and lacks affordable options in many rural areas. Navigators can help families sort through their choices to find what works best for them and their budget.
