Obamacare FAQs

Since Obamacare was signed into law in 2010, it has been a topic of hot debate. While some people are in favor of it, others are not.

One thing that can't be denied is that Obamacare has significantly impacted the healthcare industry. This article will answer some of the most common questions about Obamacare. We will also provide a guide to help you navigate the health insurance marketplace.

Obamacare FAQ

It's no secret that the Affordable Care Act, also known as Obamacare, has been a hot topic of debate for many years now. Some people are in favor of it, while others vehemently oppose it. Regardless of your stance, understanding how Obamacare works is essential for everyone.

What is Health Insurance Marketplace?

The health insurance marketplace is a web-based portal where people can shop for health insurance. Obamacare created it to make it easier to find affordable healthcare coverage.

How do I buy Health Insurance?

You can buy health insurance through the Health Insurance Marketplace. You can also buy it directly from an insurance company.

Can I Still Get My Healthcare Through my Employer?

Yes, you can still get your healthcare through your employer. Obamacare doesn't change that. However, employers are now required to offer their employees affordable coverage options.

Is Obamacare Free?

No, Obamacare is not free. You will have to pay for health insurance. However, Obamacare offers subsidies to help make healthcare more affordable.

Can I keep my current Health Insurance?

Yes, you can keep your current health insurance if you wish. However, Obamacare requires all Americans to have healthcare coverage. If you do not have healthcare coverage, you may be subject to fines or penalties.

What Is the Health Insurance Exchange?

The health insurance exchange is a part of Obamacare. The term "health insurance marketplace" refers to the Healthcare.gov site, which is a service available in every state that assists consumers, families, and small businesses in looking for and enrolling in affordable medical insurance. "Health Insurance Exchange" is the same as the Marketplace, just under different wording.

I'm self-employed and don't have insurance through my job. Can I buy a plan on the Marketplace?

Yes, you can purchase an individual or family plan from the Marketplace. You may also be able to get coverage through your spouse's employer if they offer coverage.

ACA Plans - What Types of Obamacare Plans are Available?

There are four types of Obamacare plans available: bronze, silver, gold, and platinum. Each plan offers different levels of coverage.

• Bronze - The bronze policy is the most economical option, featuring the lowest monthly premium, and the highest out-of-pocket expenses. The insurance companies will cover 60% of your healthcare expenditures under this arrangement, leaving you with 40% to cover yourself. Because the out-of-pocket costs for this plan are steep, it's best suited for someone who is in good health and doesn't anticipate visiting the doctor frequently.
• Silver - this mid-tier plan offers 70% of the out-of-pocket expenses paid by the insurance company, while the patient covers the remaining 30%. The silver plan may be appealing to low-income people since you must acquire out-of-pocket savings (known as cost-sharing reduction) by selecting a silver plan in order to qualify for them. Premium tax credits are available with any plan, regardless of how much you pay toward your premiums.
• Gold - The gold plan is covered by insurance companies for 80% of medical expenses, leaving the consumer with the remaining 20%. Consumers must pay a higher premium in return for the lower out-of-pocket expenditures. This plan is ideal for individuals who require frequent care and want to keep their costs low.
• Platinum - This plan has the highest monthly premium, but it also has the lowest out-of-pocket expenses. The consumer is responsible for only 10% of their medical expenditures while the insurance company picks up the rest. As a result, this plan is ideal for individuals who have conditions that need constant care or drugs.

What is the Cost Difference Between Bronze, Silver, Gold, and Platinum Plans?

The cost difference between the plans varies depending on your income level. The higher your income level, the more you will have to pay for a gold or platinum plan. However, even people with low incomes can afford bronze plans.

• Bronze plans begin at $1/day
• Silver plans begin at $3.33/day
• Gold plans begin at $4.99/day
• Platinum plans begin at $6.67/day

What is a catastrophic plan?

Those who are 30 years old or younger, or qualify for a hardship exemption, may buy catastrophic coverage. Catastrophic plans provide lower premiums and cover for major medical catastrophes. However, each catastrophic policy has a rather steep annual deductible (often several thousand dollars per year) that must be paid before the insurance begins to pay out.

Shut-off notices from local utility agencies is one example of some of the more prevalent hardship exemption requirements. Others include:

• A bankruptcy filing in the last two years.
• In the previous two years, owing to medical costs, you had taken on a lot of debt.
• You were responsible for providing care to a sick or injured family member, which resulted in significant debt over time.

Individual & Family Health Insurance

Individual and family Obamacare plans can be purchased from the Health Insurance Marketplace. Obamacare requires health insurance companies to provide coverage for people with pre-existing conditions, as well as other benefits that everyone is entitled to receive under Obamacare's Essential Health Benefits (EHB) guidelines.

Under Obamacare, individuals who do not qualify for Medicaid may purchase individual or family health insurance in the private market or through their employer if they work full time. Individuals may also purchase health insurance on their own if they are self-employed or unemployed but not eligible for Medicare or Medicaid assistance programs.

Short Term Health Insurance

Short-term health insurance plans are available for individuals who do not qualify for a standard Obamacare plan or Medicaid. The Obamacare repeal and replace bill, the American Health Care Act (AHCA), passed by Congress in 2017 allows short-term health insurance to be sold with a term of up to 364 days under certain conditions. Obamacare does not allow short-term coverage terms longer than three months.

Health Sharing Plans Under Obamacare

With increased healthcare costs and higher deductibles, many consumers have turned to other alternatives for their healthcare needs such as faith-based health sharing ministries that provide an alternative option from the traditional group or individual market plans offered by insurers in all 50 states. These programs are not considered "insurance" because they do membership-based healthcare sharing and not insurance.

The Obamacare bill does not mention health care sharing ministries, so the future of these plans is uncertain at this time.

Open Enrollment 2022

The open enrollment period for Obamacare plans ended on January 15, 2022. You can purchase a plan from the Health Insurance Marketplace during open enrollment. If you have a qualifying event, such as losing your job-based coverage or moving to a new state, you may be able to enroll in a plan outside of the open enrollment period.

Special Enrollment 2022

If you missed the January 15 deadline for 2022 coverage, you may be eligible to get or change your 2022 plan in two ways: through a Special Enrollment Period or via Medicaid. The Children's Health Insurance Program (CHIP) is another available option.

How to qualify for a special enrollment period

You may be eligible for a Special Enrollment Period to enroll in or change a Marketplace plan for 2022 if you experience certain life events, such as losing health coverage, moving, getting married, or having a kid.

Eligibility for Medicaid/CHIP

Medicaid and CHIP are two essential programs that provide free or low-cost health coverage to millions of Americans, including some low-income people. They don't have an Open Enrollment Period so if you're eligible it's possible to enroll anytime.

You can use the Healthcar.gov Screener to check eligibility.

Conclusion

Obamacare has brought many changes to the health insurance industry, and it can be confusing trying to figure out what plan is best for you and your family. This guide provides an overview of the most common questions about Obamacare plans and how to enroll in a plan that's right for you.

For more information, visit HealthCare.gov or call the Obamacare Customer Support Line at 800-318-2596. The Obamacare website is available in English and Spanish, with a toll-free number for each language.

If you're wondering how Obamacare will impact your healthcare or Medicare coverage, Medicare Phone Support is here to help. We'll walk through the most common questions about new insurance plans and show you how to enroll in a plan that's right for you.

Are there any other benefits of choosing an Obamacare-compliant policy? What are some considerations when picking or changing coverage? Contact one of our licensed agents today to learn more.