What is ObamaCare?
When people talk about health care and health insurance, the phrase “Obamacare” is used A LOT! It is used so often, that we may not fully understand all that Obamacare offers.
GREAT news! My expertise is Obamacare and as YOUR Obamacare Guy, I am expertly positioned to help navigate and guide you through our Nation’s health care program, The Patient Protection and Affordable Care Act.
Let’s get down to basics…
What exactly is Obamacare?
Obamacare is a term many have adopted as the unofficial term used to easily reference and identify the The Patient Protection and Affordable Care Act which was signed into law on March 23, 2010 by President Barack Obama.
What Exactly Is The Affordable Care Act?
In the simplest of terms, it is a law designed to reform the healthcare and health insurance system in the U.S.A. The main goal of the law was to provide more Americans with access to affordable health insurance.
With this new law came many new healthcare benefits, rights and protections. These benefits include:
- Health Insurance Marketplace (also referred to as Exchanges) which allows people to compare healthcare plans that fulfill the minimum essential coverage requirement
- Cost assistance available to individuals, families and small businesses
- Increased Medicaid eligibility
- Full-time employee coverage must be offered by large employees
- Annual or lifetime limits on healthcare are lifted
- Cannot be denied coverage for any reason
- You cannot be charged more due to health status or gender
- Insurance companies are not permitted to drop you when you are sick or for making an erroneous entry on your application for coverage.
- Insurance may not deny you for a pre-existing condition or conditions
- The 80/20 rule is designed to protect you against unfair premium increases
- You have the right to appeal any health insurance company decision
- You have the opportunity and ability to gain access to easy-to-comprehend explanation of coverage and benefits
- Children have the ability to stay on their parents insurance plan until the age of 26
- New and FREE women’s health preventative treatments and screenings
- OB-GYN services no longer need referrals
Fact: Before The Affordable Care Act became law there we over 44 million uninsured Americans!
Let’s face it, if you are not involved in “Obamacare” on a daily basis, it can seem VERY overwhelming! That’s why I am here. As your Obamacare Guy, I want to answer your questions and help you understand The Affordable Care Act as well as help you get the BEST coverage possible!
Let’s JUMP Right Into it!
Below are a list of questions I receive on a regular basis. What I have done, is broken them down into easy to understand answers. Some of the questions are more definitions of terms used in Obamacare discussions. Simply understanding the terms will answer a bunch of questions!
What are health insurance marketplaces and exchanges?
Marketplaces and exchanges are used interchangeably. Basically, it is the only shopping center for health insurance. These marketplaces are available to people during open enrollment periods that run between November 1 – January 31. During this period of time, people can search for health plans and compare choices, making a selection at fits your needs. It will also help you determine if you are eligible for a subsidy.
What is a subsidy?
A subsidy is a tax credit that helps you pay for your insurance plan. Put simply, its the money the govt pays the insurance company for you. If your plan costs $300 and you have a $250 subsidy, you only pay $50.
What types of insurance are on the exchange?
There are 5 different types of plans you can select from. Below is a simple list:
- Platinum – Highest monthly costs
- Gold – Higher monthly costs
- Silver – Best value for the money and the only one that gives you Subsidies, Reduced deductibles, and Reduced maximum out of pocket limits.
– Key Point…The Silver plan’s benefits change based on income. The Silver plan can give you most of the benefits of the Platinum plan if you qualify and its done right.
- Bronze – Offers less coverage and slightly less cost
- Catastrophic – Covers basic care in case of an emergency available to those ages 30 and under or those who are unable to find insurance that costs less than 8% of their income
If I am buying my own insurance, does it have to be purchased on the exchange?
No, it is up to you where you purchase your plan. Keep in mind, subsidies are not available if you purchase a plan privately and not through the exchange.
Those are just a sampling of the questions I receive. Stay tuned to my blog as I will be exploring these questions and many more and in more detail!
I hope this article was helpful to you and gave you some base knowledge on Obamacare. As Your Obamacare Guy, I look forward to helping you make sense of Obamacare and assist you in selecting the right coverage for you.
About Dave Taylor, MBA, RFC
Dave Taylor is an expert in Obamacare and has helped many hundreds of clients get coverage, subsidies and reduced deductibles.
Dave can be reached in is office at (813) 574-1222 or cell (813) 391-3448. Visit Dave’s website: www.YourObamacareGuy.com or email him at Dave@YourObamaCareGuy.com