Basics Of Affordable Care Act

Affordable-Care-Act_t607The Affordable Care Act, sometimes referred to as Obamacare, encourages those who do not receive health insurance benefits though their employer to purchase their own health insurance through the health insurance marketplace.

If you already have individual health insurance that meets the requirements of the Affordable Care Act then you can retain that coverage,.

Health insurance plans are offered by various insurance companies though the health insurance market place.  (healthcare.gov),  Documents from all companies should be similar so you can more easily compare one plan with another.  Premiums are said to be lower since a group of people will be insured under the plan thus spreading the risk..

The Affordable Care Act consists of thousands of pages which describe the provisions of the plan.

A few of the provisions of the plan are:

Dependent children and dependent young adults may remain on their parent’s coverage until age 26.

Insurers are not permitted to terminate your policy if you become ill.  Nor can you be dropped from coverage or charged a higher premium because of a pre-existing condition.  You also cannot be denied coverage because of a pre-existing condition.

The insurance company cannot place lifetime limits on the amount of benefits you receive.

Affordable Care ActAll new plans must cover preventative services such as screenings for cancer as well as mammograms and colonoscopies and an annual checkup without the need for a co-pay.  The insurance will cover these preventative charges in full.

Employees do not have to wait more that 90 days before eligibility for employer health coverage.

People with lower incomes may receive a subsidy in the form of a refundable tax credit to assist with the cost of premiums.

The health insurance marketplace offers four categories of plans.  They are Bronze,  Silver, Gold and Platinum. The Bronze Plan has the lowest premium and so you will be responsible for the most charges for care.  The Platinum Plan which has the highest premium also pays the most toward charges you incur for health care.

It is important that  you research and determine what type health insurance plan will best fit the needs of you and your family.  Be sure you understand what your premiums will be, what you will be expected to pay out of pocket, what services are covered, and if the health care provider, laboratories and hospitals you prefer are covered by the plan or if you will have to find different new providers for these services.