We have experienced licensed agents available to help you navigate through all of your healthcare options. We’re here year round to walk you through each step of the process.
The Affordable Care Act aka Obamacare, has affected insurance companies, as well as healthcare providers, and individual consumers by reducing the average cost of healthcare.
Obamacare laws removed annual and lifetime maximums on coverage and require health insurance companies to subsidize a minimum level of healthcare services. Even those with pre-existing conditions are guaranteed issue. Enrolling in a healthcare coverage plan has become more affordable and available to millions of Americans as a result.
Whether you are planning on enrolling in a qualified health plan, or want to know what plans you are eligible to choose from, the process can be overwhelming. At Family Benefit Services, we are here to help you navigate your options and discover the best benefits to protect your health and wellbeing.
Read on to keep learning more about Obamacare plans and how our licensed insurance agents can guide you through the process of purchasing an individual health plan.
Obamacare health plans refer to individual marketplace health insurance plans offered by health insurance companies.
Qualified health plans must comply with state and federal government regulations but are not run by the government. These qualify for advanced premium tax credits or subsidies.
You may shop your policy options sold in the government-run exchange. Or better yet, you can run your details and compare quotes now using our Plan and Pricing Tool to find the best possible options for you, before you begin the application process.
The Affordable Care Act, sets a minimum amount of coverage that health insurance policies must provide. Each plan must cover at least 60-94% of the total average estimated costs of patient care.
With Obamacare there are several options, and the specific coverage you choose will vary based on the plan you select. The specific coverage you receive with your plan under Obamacare will vary based on the plan you choose. The cost of essential health benefits are certain services and items that insurance companies are required to cover at least a certain amount of cost. These services and items include:
In addition, if you are diagnosed with a pre-existing condition, Obamacare protects you from being denied or overcharged for coverage. A pre-existing condition is one that was diagnosed before your new insurance coverage began.
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Under the ACA, you can choose among several insurance plan categories, with the “metallic” names Platinum, Gold, Silver, and Bronze. The metal levels correspond to the different premiums and cost sharing you can expect for each insurance plan category; it isn’t related to the amount of coverage or quality of care. Platinum has the highest premiums, but the lowest average out-of-pocket costs; Bronze has the lowest premiums, but the highest average costs. For example, you can expect a Bronze plan to have higher copayments and a higher deductible than a comparable Platinum plan.
There are several types of health plans: major medical plans (such as many employer health plans), qualified health plans (which are certified by the government’s Health Insurance Marketplace), catastrophic plans, supplemental plans and short-term “gap” coverage.
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When it was first signed into law on March 23, 2010, Obamacare mandated that everyone must have a health insurance plan. Because of this individual mandate, plans were created to offer cost assistance in the form of subsidies or tax credits. People who did not have health insurance, or who could not afford a plan were given the opportunity to sign up for an affordable plan.
The original individual mandate included tax penalties for anyone who opted not to sign up for a health plan despite the new requirement. These penalties were collected and used to offset the cost of providing healthcare for people without insurance because of certain exemptions and hardships. A repeal to the individual mandate was passed in December 2017 by the Trump Administration that removed the penalty although some states have their own mandates.
Subsidies were increased with the American Rescue Plan Act (ARPA) signed On March 11, 2021, by President Biden. Those within certain brackets of the federal poverty level (FPL) could qualify for zero-premium plans and receive higher tax credits. Americans making certain percentages more than the FPL were previously out of range to be qualified for the subsidy. The ARPA has since restricted premiums in that income bracket.
The American Rescue Plan continues into 2022 and is still in effect so that more Americans are eligible for federal assistance to pay insurance premiums. With so many coverage options, it is even more important to find the best plan for your needs and budget.
The Open Enrollment Period (OEP) is the time when you can shop for a new health insurance plan for the upcoming year. If you do not enroll in a plan during the OEP, you may not be able to purchase ACA-compliant coverage unless you experience a qualifying event, such as:
Here are the details you will need on hand for every person enrolling in your household:
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Our licensed insurance agents are available conveniently in our Downtown New Port Richey office to answer any insurance questions and help make recommendations so you can choose a plan that works for your budget and needs. To explore health insurance options, get in touch today.