In 2010, President Barack Obama signed the Patient Protection and Affordable Care Act into law. It prohibits insurance companies from denying coverage to patients with pre-existing conditions, and allows children to remain on their parents’ insurance plan until they reach the age of 26. In participating states, the act also expanded Medicaid, a government program that provides medical care for individuals with very low incomes. In addition to these changes, the ACA established the federal Healthcare Marketplace. The marketplace helps individuals and businesses shop for quality insurance plans at affordable rates. Low-income individuals who sign up for insurance through the marketplace may qualify for subsidies to help bring down costs.
Americans are required to carry health insurance that meets federally designated minimum standards or face a tax penalty. In certain cases, taxpayers may qualify for an exemption from the penalty if they were unable to obtain insurance due to financial hardship or other situations. Two public insurance plans, Medicare and the Children’s Health Insurance Program, target older individuals and children, respectively. Medicare also serves people with certain disabilities. The program is available to anyone age 65 or older. The CHIP plan has income limits and covers babies and children up to the age of 18.
Insurplicity, LLC can help you find a health insurance plan that fits your needs and budget. Click on the Free Health Insurance Quote Button to get a free quote and to complete an ACA Tax Credit Application.
Need to get health insurance that is off the exchange? Please call 678-744-5542 to get more info.
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There is some good news for those on a budget, however. The ACA provides more options than before. And those on the lower end of the income scale qualify for subsidies that make premiums a lot more manageable.
ACA compliant health insurance plans allow you to purchase insurance from the federally facilitated marketplace. These types of health insurance plans allow you to apply for a tax subsidy to help you pay for your premiums. For those who qualify, your health insurance premium can be paid for 100%. These plans do not exclude those who have pre-existing health conditions.
Private health insurance plans are cannot be paid for with a premium tax credit and do not qualify as ACA complaint health insurance plans. These plans work well for those who have opted out of getting a health insurance plan through the marketplace. Those who purchase a private health insurance plan will be subject to tax penalties. In addition, these plans do not cover pre-existing conditions.
Group health insurance plans can be purchased on or off exchange and may still be ACA complaint. These plans are a type of benefit plan that an employer offers for the benefit of his/her employees at no or a relatively low cost to the employees. If employees participate in the plan, they will benefit from its low-cost method of obtaining discounted service
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