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What is the Affordable Care Act?

The Affordable Care Act is commonly referred to as ACA or Obamacare. The ACA was signed into law in 2010 to help provide people with access to affordable health insurance and to put more consumer rights in place.

Every U.S resident is required to have an ACA compliant health insurance plan for the duration of the year. People who do not enroll in a health plan may be subject to a tax penalty.

The Open Enrollment Period happens once per year from November 1st to January 31st. If you do not enroll in a plan before the Open Enrollment Period closes you will not be able to get an Obamacare health plan for the year unless you experience a life event such as moving house, having a child, getting married, etc. Don’t miss out on coverage, get a plan quote today.

How does the Affordable Care Act help me?

The Affordable Care Act ensures that health insurance is available to everyone. Plans must now provide comprehensive coverage, have no dollar limits for care costs and cover pre-existing conditions. There are also government subsidies available to most individuals and families that significantly reduce the cost of getting a plan.

Key benefits:

  • You cannot be denied coverage for pre-existing conditions or charged more for coverage.
  • No limits on care for chronic illnesses.
  • Insurance companies can no longer drop your coverage unless you fail to pay your premiums.
  • If insurance companies don’t spend at least 80% of your insurance premium on things such as medical care and quality improvements, then you get your money back.
  • Carriers have to spend at least 80% of your premiums on medical care and quality improvements.

What’s covered?

All Affordable Care Act Health Plans must cover 10 essential benefits

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When can I enroll in an ACA Health plan?

The open enrollment period is your yearly opportunity to enroll in an ACA Health plan. The open enrollment period is open from November 1st to January 15th. However, if you’ve experienced a certain life event you can enroll in a health plan year round. Some examples of qualifying life events include:

  • Change in income
  • Moved
  • Lost or will be losing coverage
  • You’re no longer a dependent on your parent’s health insurance
  • Marriage or Divorce
  • Had a baby, adopted a child or recently started fostering a child
  • Gained legal US citizenship
  • Change in disabilty status
  • Enrollment errors
  • Lost Medicaid and/or CHIP eligibility

If you’ve experienced one of these life events you can qualify for a Special Enrollment Period and can sign up for a health plan now. Call us if you have questions or want to enroll. Remember – you only have 60 days from the date of your life event to enroll.

If you haven’t experienced a life event but still need coverage, don’t worry! There are lots of great short term plans available that can take effect within days. Learn more about short-term plans here.

What plans are available?

Plans are available in 4 metal levels: Bronze, Silver, Gold, and Platinum. With Bronze offering the lowest level of coverage and Platinum the highest. Catastrophic plans are also available to people under 30 and those with a hardship exemption, these plans offer very basic coverage. To find the best plans in your location, request a quote now.

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