Individual / Family Health Insurance
The New Healthcare Bill also known as The Affordable Care Act or sometimes called Obama Care was passed into law on March 23, 2010. The majority of the provisions of the bill went into effect as of January 1, 2014. However, there are more changes that lie ahead. There are many new rules and terms that apply. Listed below are some of the terms that apply to health insurance in general and the New Healthcare Bill:
On-Exchange / Marketplace - one of the ways individuals and / or families can enroll for health insurance throughout the year by going to www.healthcare.gov. If you qualify for a subsidy you must enroll through the Federal website in order to take advantage of the subsidy.
Off-Exchange - Another way to enroll for insurance by doing an application directly with the insurance company. If someone is not going to qualify for a subsidy or is not interested in going through the government website - this is the best way to enroll directly with the insurance company. It is a less complicated and shorter process.
Subsidy - A portion or percentage of your monthly premium is paid by the Government to the insurance company based on income and number of people in the household.
Affordable Care Act (ACA) Compatible - Coverage that meets the minimum coverage required to avoid a tax penalty under the new Health Care Law.
Open/Annual Enrollment Period - Typically the end of the year when people can enroll for the first time or make changes to their current healthcare plan for the upcoming year.
Pre-existing Health Conditions - The only health question that can be asked is if you are a tobacco user. No one can be declined or rated up for any healthcare condition.
Qualifying Events - There are a number of reasons which allow someone to enroll for healthcare outside the open/annual enrollment period.
There are 10 Essential Items that must be covered under every policy going forward. Some companies offer certain plans only on the exchange or visa-versa. However, if a plan is offered on and off the exchange - the coverage is the same. Depending on the situation you are coming from, the cost of your health care could be more or less. Please contact our office if you have questions or to get more details before applying on or off the exchange. No one wants to be enrolled in a plan that no doctor or hospital will accept no matter how inexpensive the price.