Is the Affordable Care Act right for you?
The Affordable Care Act (ACA) can be a great fit for many individuals and families, offering access to affordable healthcare coverage and important protections. It helps ensure that you cannot be denied coverage due to pre-existing conditions, and it provides subsidies to help lower-income households afford premiums. The ACA also expands Medicaid in many states, making healthcare more accessible to those who might otherwise struggle to afford it. With comprehensive coverage options, preventive care at no extra cost, and a focus on improving health outcomes, the Affordable Care Act is a valuable resource for those seeking reliable, cost-effective healthcare. It’s definitely worth considering, whether you’re self-employed, between jobs, or simply want a more affordable option for healthcare.
What is a subsidy?
A subsidy for health insurance is a financial assistance provided by the government to help lower the cost of health insurance premiums. It helps make insurance more affordable for people with limited incomes. To qualify for a subsidy, you generally need to meet certain income requirements, which vary depending on your household size and the federal poverty level. You must also purchase insurance through the Health Insurance Marketplace. If your income falls between 100% and 400% of the federal poverty level, you may be eligible for a premium subsidy, helping you pay for your monthly health insurance premium. The lower your income, the higher the subsidy you may receive.
About the Affordable Care Act
The Patient Protection and Affordable Care Act, referred to as the Affordable Care Act or “ACA” for short, is the comprehensive health care reform law enacted in March 2010.
The law has 3 primary goals:
- Make affordable health insurance available to more people. The law provides consumers with subsidies (“premium tax credits”) that lower costs for households with incomes between 100% and 400% of the federal poverty level (FPL).
- Expand the Medicaid program to cover all adults with income below 138% of the FPL. Not all states have expanded their Medicaid programs.
- Support innovative medical care delivery methods designed to lower the costs of health care generally.
Find out about Open Enrollment
Open Enrollment Dates?
- Open Enrollment is November 1st – December 15th for a January 1st start date.
- Expanded enrollment is December 16th – January 15th for a February 1st start date
Can I enroll outside of Open Enrollment?
Yes, but the Affordable Care Act is strict about the reason for enrollment outside of Open Enrollment. When you do enroll outside of time frame it is called a “Special Enrollment” or “SEP.”
What is a Special Enrollment or SEP?
A Special Enrollment Period (SEP) is a time outside of the usual Open Enrollment Period when you can sign up for or make changes to your health insurance plan. SEPs are triggered by specific life events, such as:
- Getting married/divorced
- Having a baby
- Losing your job
- Moving to a new area
- Or other major changes in your life.
Depending on the event, you have a 60 day window to enroll in or make changes to your health plan. SEPs ensure that people can still get coverage when unexpected life changes occur, even if it’s outside the standard enrollment period.
How to Enroll in an ACA plan
Making Enrolling Easy
In enrolling in health insurance, it depends on what state you live in. Most states go through Healthcare.gov, but there are states that have their our exchange and you have to sign up on the state specific exchange.