Top 10 Questions and Answers about Obamacare
The Affordable Care Act (ACA) is also known as Obamacare. Basically, it’s an agenda of the federal rules concerning healthcare coverage. Health insurance companies are needed to pay a particular amount on healthcare and services. They also need to remove caps (which is the highest amount that will be covered on certain care).
There is a law that set up a system for certain coverage and a ‘’Patient’s Bill of Rights’’ that institutes protections for consumers. In 2017, the Trump administration revoked the mandate for an individual. This means that in the year 2019, it will no longer be a factor that’s needed to purchase health care coverage. However, for 2018, health care coverage is still required.
Why Is Health Coverage Needed Under Obamacare?
The Followings Are Some Reasons Why ACA Need You to Have Health Insurance.
When people don’t have health insurance and they fall sick or got injured. Most times, they end up in the emergency room of a hospital. This type of care costs more than the normal doctor’s visit. Generally, you will get some care if you cannot afford the bill. However, someone still has to pay. This means an increase in health insurance premiums or taxes for everybody.
Health insurance firms can reduce the costs if they insure lots of people, and only a few proportions of their members are known as high-risk (people who have ongoing health issues). The more people a company provides insurance service for, the more it may spread out the risk. People that have health problems are more likely to sign up for insurance than people without any health concern.
What Are The Health Insurance Categories?
Obamacare, which is also known as the Affordable Care Act, has a minimum amount of coverage that health insurance policies must cover. Each plan must provide for at least 60 percent of the total estimated cost of patient care.
Under the Affordable Care Act, you can select different insurance plan from different sections. The categories with the metallic names include Platinum, Gold, Silver and Bronze. The metal level is the same with the different premiums and it’s not the same to the amount of coverage of quality of health care. Platinum has the highest premiums, while bronze has the lowest premium. For instance, bronze plan have higher co-payment and higher deductible than the platinum plan.
There are different types of health plans. They include, major medical plans (employer plans), qualified health plans (this is certified by the government’s health insurance marketplace), supplemental plans, catastrophic plans and short-term coverage.
Catastrophic coverage is a safety net for people who are below the age of 30 and are not covered under another health plan (a plan that does not cover a parent or an employer). A catastrophic plan normally has a low premium. However, you may need to pay a higher price than the metallic plans. It’s created to cover you if there is any catastrophic situation such as injury as a result of an accident or serious illness.
Short-term coverage can offer some health coverage for you especially when you do not have the chance to register for a complete health plan. For instance, if you missed the Open Enrollment period, you can opt for short-term gate coverage. MultInsurance Solutions will help you Get a Health Insurance Quote Online
How Has Obamacare Transformed health Insurance and Costs?
Obamacare polices has an effect on everybody- medical providers, insurance companies and individual consumers.
Before the introduction of the Affordable Care Act (ACA), people with issues sometimes had difficulties in finding a reliable health insurance company that will offer them good insurance coverage. The ACA require that no health insurance company should turn you down or charge a cost that’s above your budget if you have a pre-existing condition. It also makes it a compulsory option if you have a health insurance policy, and you get sick (with chronic illness such as cancer), the company can’t leave you under any circumstance.
In some case, you now have access to many preventative services that are free such as screenings and vaccinations. Some people may not notice a considerable change. For example, if you get health coverage through your job and it covers all the things that Obamacare needs, things may not have changed a lot for you.
Other people might have seen changes in their health insurance change in the year 2017. Different factors influence charges. One of them may be the bigger coverage some companies may need to offer so as to meet ACA standards. Other factors may include your location, age, addiction to smoking, and the category or plan you have.
Where you reside may have a huge effect on the volume of your monthly premium. According to the Kaiser Family Foundation, a 2015 survey of cities in 11 states. It was found that in some cities, premium for silver plans are lower than last year. On the other hand, some cities have an increase of 16%.
If you don’t have any health insurance coverage or you have but you want to get a different insurance policy, you can now visit an online marketplace to learn more about the available options. Multinsurance Solutions is one of such marketplace, Get a free Health Quote. You can also visit your state health insurance website or healthcare.gov.
What Is The Minimum Health Coverage That A Plan Must Include?
Under Obamacare, a health insurance plan must cover a particular percentage of your costs for these services and items (which is also known as essential health benefits):
Emergency services.
Outpatient services.
Pregnancy, maternity, and newborn care.
Hospitalization.
Prescription drugs.
Mental health and substance abuse services.
Lab services.
Rehabilitative care.
Pediatric services.
Preventive care.
What Latest News about Obamacare should I be Aware Of?
Obamacare Individual Mandate Repealed
The individual mandate has been canceled and won’t be applicable in 2019. In 2019, you won’t face Obamacare tax penalty if you don’t have health insurance.
Shorter Open Enrollment Periods
The 2018 open enrollment period ran from November 1st, 2017 till December 15, 2017. It will be the same for the 2019 open enrollment period. This period is lesser than open enrollment periods in the past. Therefore, ensure you pay attention to the dates so as to avoid missing your opportunity to get insurance coverage.
Will Obamacare Affect My Taxes?
You might have heard some rumors about Obamacare ( Market Place) affecting the income taxes of some people. In some cases, you may be qualified for tax credits that help with premiums and lesser costs. These tax credits may also be called subsidies, and you can apply for them when you purchase a qualifying health plan. Kindly contact us for more information about the ACA and your taxes.
When Can I register for Obamacare?
The sign-up is normally limited to the annual Open Enrollment Period – November 1st 2018 till December 15th, 2018. However, in some circumstances, you may qualify for a Special Enrollment Period and you won’t have to wait for the Open Enrollment Period. These circumstances showcase a huge transformation in your life. They include the following:
Having a baby.
Adopting a child.
Experiencing changes in your income.
Getting married.
Belonging to a federally recognized Native American tribe.
Getting out of prison.