The Affordable Care Act (ACA), also known as Obamacare, was enacted to ensure that more Americans have access to affordable health insurance. It introduced several key provisions to expand coverage, improve quality, and reduce healthcare costs. ACA insurance plans are available through the Health Insurance Marketplace, offering great coverage that may include essential benefits such as preventive care, emergency services, prescription drugs, and more.
ACA plans are divided into four metal tiers: Bronze, Silver, Gold, and Platinum. These tiers represent different levels of cost-sharing between you and the insurance company.
To make health insurance more affordable, the ACA provides subsidies in the form of premium tax credits and cost-sharing reductions:
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U.S. citizens and legal residents who are not incarcerated can enroll in ACA insurance. Eligibility for subsidies is based on your income and household size.
You can enroll during the Open Enrollment Period, which typically runs from November 1 to December 15. You may also qualify for a Special Enrollment Period if you experience certain life events such as losing other coverage, getting married, or having a baby.
ACA plans must cover ten essential health benefits, including outpatient care, emergency services, hospitalization, maternity and newborn care, mental health services, prescription drugs, rehabilitative services, laboratory services, preventive and wellness services, and pediatric services.
Premium tax credits are based on your estimated annual income and can be applied directly to your monthly insurance premiums, lowering your out-of-pocket costs. When you file your taxes, any discrepancies between your estimated and actual income will be reconciled.
It depends on the plan you choose. ACA plans have networks of doctors and hospitals, so it’s important to check if your preferred providers are in-network. Our agents can help you find a plan that includes your current doctors.