If you’re expecting an inheritance, it’s wise to think about how it might impact your health insurance. Obamacare (also known as the Affordable Care Act) seeks to make healthcare more accessible and affordable for Americans of all income levels by mandating that all Americans carry health insurance or pay a fine.
Medicaid, a federal/state health insurance program for low-income individuals and families, is an integral component of Obamacare. Unfortunately, receiving an inheritance may impact your eligibility for Medicaid benefits.
What is Obamacare?
Obamacare, passed in 2010, is a law designed to reduce healthcare costs and make it simpler for people to access medical care they require. Additionally, it strives to make health insurance more accessible for millions of Americans while expanding Medicaid coverage.
The Affordable Care Act (ACA) makes it simpler for consumers to purchase individual and family plans through health insurance marketplaces. It offers tax credits and cost-sharing subsidies that make healthcare more accessible for those who qualify.
Millions of Americans have gained coverage through the Affordable Care Act (ACA), including young adults who often don’t have employer-sponsored health insurance. As a result, health insurance exchanges across America have seen an impressive surge in enrollment.
In addition to decreasing health care costs, the ACA has made it harder for people with preexisting conditions to be denied insurance coverage. By banning lifetime monetary caps and annual limits on essential benefits, those suffering from chronic illnesses can still access coverage without fear of being surprised by unexpected medical bills from insurance companies.
How does an inheritance affect my obamacare?
An inheritance can affect a person’s eligibility for Medicaid, the federal and state funded healthcare program that provides healthcare insurance to low-income Americans. Eligibility for Medicaid is determined by one’s monthly income as well as their family size.
The primary disadvantage to inheritance is that it may make someone ineligible for Medicaid benefits if their assets exceed state-set limits.
However, with careful planning a person on Medicaid could benefit from their inheritance money while still receiving coverage.
To maximize your Medicaid coverage, it’s best to plan ahead and have a qualified attorney assist you. A knowledgeable attorney can explain all the available Medicaid options for you and your loved ones, as well as give the best advice on using inheritance money wisely to maintain or expand coverage. It may take some effort but the results are worth all the trouble.
Will I lose my obamacare if I receive an inheritance?
If you receive an inheritance, it may affect your eligibility for premium tax credits and cost-sharing reductions (CSRs). These federal and state subsidies help people with low incomes cover monthly health insurance costs.
Obamacare strives to give more Americans access to health coverage by offering private health insurance through online marketplaces called exchanges, encouraging states to expand their Medicaid programs and requiring insurance companies to accept all patients regardless of pre-existing conditions. Opponents of the law claim it will destroy jobs and raise healthcare costs, but many agree that it has made getting health insurance more accessible for many people.
Unfortunately, an inheritance can make you ineligible for Medicaid. Since this program provides needs-based assistance, applicants and beneficiaries must have limited income and assets.
Can I lose my obamacare if I receive an inheritance?
The Affordable Care Act has made health insurance much more accessible through its exchanges, which offer consumers a place to compare plans and apply for financial assistance. Those whose incomes fall between 100% and 400% of the federal poverty level may qualify for subsidies that help pay for premiums, copayments and other costs associated with getting covered.
The Affordable Care Act has helped improve quality of care by mandating insurers to cover preventive services at no extra cost to patients. Furthermore, the ACA has made it simpler for individuals and small businesses to access health coverage through its expanded Medicaid program. Furthermore, those with preexisting conditions cannot be denied coverage due to having had a prior heart attack or stroke. Furthermore, new technologies like telehealth and mobile health apps make accessing healthcare easier on-the-go easier as well.
