The Affordable Care Act has enabled millions of individuals to access health insurance through the ACA marketplaces, with plans typically affordable and often including federal subsidies.
One major benefit of the Affordable Care Act (ACA) is that it offers consumers free preventive health services like cancer screenings, cholesterol tests and annual check-ups.
Health insurance
Health insurance has the potential to make a huge difference in your life. It can provide protection from expensive medical bills, prevent premature deaths and offer access to quality healthcare.
The Affordable Care Act (ACA) safeguards Americans with pre-existing conditions by requiring private insurers to cover them without charging more or denying coverage. Furthermore, ACA policies offer cost sharing subsidies for those who can’t afford their premiums.
Subsidies have enabled millions of lower-income individuals to purchase affordable, quality coverage. Previously, they had to devote more than 10% of their income toward premiums.
In 2023, there are a range of qualified health plans (QHPs) available through the Marketplace. These plans typically provide free preventive care as well as access to primary and specialty care services, prescription drugs and maternity and newborn care.
If you are thinking about purchasing a QHP through the Marketplace, it’s essential to comprehend all your options and enroll in a plan that works for both you and your family. Certified Indiana Navigators can guide you through this process.
Tax credits
Tax credits are an effective way to lower your yearly tax bill. They can help pay for things such as health insurance, energy conservation measures and the cost of buying or adopting a home.
Enrollees who qualify for Premium Tax Credits (PTCs) under the Affordable Care Act can save up to 30% on their monthly health plan costs through the Marketplace. This enables them to afford plans more cost-effectively than their old coverage offered through the ACA.
However, those who do not qualify for PTCs but whose household income falls between 138% and 250% of the federal poverty level may also qualify for cost-sharing reductions (CSRs). CSRs offer discounts on deductibles, copays, and other out-of-pocket expenses not covered by insurance.
Inflation Reduction Act extends the ARPA’s expanded premium tax credit system until 2025, enabling consumers to keep this financial assistance until December 31, 2025. During 2022, a record number of people received premium subsidies.
Exemptions
Exemptions from the health insurance coverage requirement can be granted for various reasons, such as low income status, having a short gap in coverage, and not having any affordable options available.
Exemptions from the Health Insurance Marketplace must be approved in advance. To take advantage of them, you must fill out and send an exemption application to the Marketplace in person.
One exception is known as the affordability exemption. This is available to individuals who cannot afford to purchase the most affordable health coverage through either a Marketplace or job-based plan, regardless of cost.
Another exemption is known as the hardship exemption and applies to individuals who have faced serious financial difficulties, such as losing your job, having a major illness or injury, being homeless or evicted, or receiving a shut-off notice from their utility company in the last six months.
Additionally, the Departments have proposed rules to remove the moral exemption for groups and private employers who object to covering contraceptive services. These rules create an individual contraceptive arrangement–called an individual contraceptive arrangement–through which women and covered dependents in plans sponsored, arranged or provided by entities which object to coverage could access free contraceptives directly from a willing provider or facility that offers them.
Insurance companies
Insurers issue insurance policies to pay out claims, cover medical costs or replace homes, cars and valuables. They can be structured as mutual companies (where policyholders own it) or proprietary firms with shareholders owning shares.
Health insurers provide coverage to those without access to employer or other sources of health insurance. These policies typically include a variety of preventive care services, such as cancer screenings, cholesterol tests, annual check-ups and contraceptive services.
Insurers offer insurance to consumers through the marketplace, enabling them to purchase a policy at an affordable rate. They may even assist individuals in receiving subsidies that lower their monthly premium payments.
