The use of open enrollment dates creates a time each year when Obamacare coverage – qualified health plans with minimum essential coverage – are not available in the health insurance marketplaces. If you find yourself without insurance in-between open enrollment periods and do not qualify for the special enrollment period, you may want to look at short-term health insurance.
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If you are offered coverage through an employer, you will most likely stick with that option because you will not be eligible for cost assistance on the Marketplace. Family members who have access to employer coverage will not get cost assistance either. You may lose any contribution your employer makes to your premiums.
- Minimum essential coverage is included in all marketplace coverage, most Major Medical Coverage sold outside the marketplace, Medicare, Medicaid, employer-based coverage, and more. It does not include short-term health insurance.
You must enroll in an Obamacare (ACA) health insurance plan in 2017 or face a tax penalty. This year the penalty is: $695 per adult or 2.5% of your income, whichever is higher. Millions of Americans will be shopping for a new health plan this year so don't wait to research your options! You must enroll by December 15th to have coverage that starts on January 1st.
WHAT IS THE “GUARANTEED ISSUE”?
The guaranteed issue, which is part of The Affordable Care Act, makes it necessary for health plans to let you enroll, regardless of health status, age, gender, or other factors that might predict the use of health services. Except in some states, guaranteed issue doesn’t limit how much you can be charged if you enroll.
DOES OBAMACARE COVER PREVENTIVE CARE?
If you have a grandfathered plan, you have the option to switch to a Marketplace plan and enjoy the rights and protections that other plans have to offer. Grandfathered plans are group or individual health plans that were created or purchased on or before March 23, 2010. These plans are exempted from many changes required under the Affordable Care Act.
Health insurance open enrollment period is 11/01/2016 to 01/31/2017 for coverage that begins 01/01/2017.
According to Nielsen, Millennials are people who were born between the years 1977 and 1995, making them ages 21-38 today, though some sources vary on when the Millennial generation actually began. Millennials currently make up 24% of the U.S. population with 77 million members, surpassing the Baby Boomer population in 2015.
The healthcare issue has dominated the Presidential debate tussles between Hilary Clinton and Donald Trump. However, the man whose shake up to healthcare has caused such controversy has not finished having his say – with President Barack Obama encouraging people to start enrolling on November 1.
Defined Contribution Health Plans Overview
Recruiting and retaining key employees is important to every company and a company's health benefit program is a key part of the compensation they offer to their employees. Due to the rising costs of traditional employer-sponsored health insurance, Defined Contribution Health Plans are gaining popularity in the U.S.
A common misconception about individual health insurance is that it costs more than employer-based (“group”) health insurance. When in fact, on average, individual health insurance costs up to 60 percent less than comparable coverage on the group market. How much does individual health insurance cost? Let’s take a look.
Insurers across the country are requesting larger individual health insurancepremium increases for 2017, citing financial losses under Obamacare. The proposed rate increases vary significantly from state to state. While these increases will affect consumers, many will not be heavily impacted given the tax credits that are widely available to most exchange participants.
As 2016 passes the halfway point and the end of summer is near, individual healthinsurance companies are working to set rates for 2017 marketplace plans. The Affordable Care Act (ACA) has seen much scrutiny lately, especially with the announcement that United Healthcare would pull out of most states at the end of this year, citing massive financial losses.
The Affordable Care Act (aka ACA or Health Care Reform) requires certain individuals to purchase health insurance or else pay a fee at tax time. This is called the ACA's "individual shared responsibility fee" or "individual mandate".
Obamacare Insurance Exchanges
Obamacare introduced new Health Insurance Exchanges (“Marketplaces”). The Marketplaces are websites where you can shop, compare, and enroll in an individual or small business health insurance plan.
ACA Tax Credits and Subsidies
Premium Tax Credits for You and Your Family
As part of Obamacare, the federal government provides discounts for health insurance to eligible individuals and families. The tax assistant program, called premium tax credits, help many people buy more affordable individual or family health insurance coverage through the new state Health Insurance Marketplaces.
The tax credits are only available to you if you enroll in health insurance through your state's health insurance marketplace. If you are eligible for these health insurance tax credits, they will cap your cost of health insurance at 2% - 9.5% of your household income.
Beginning in 2014, massive tax subsidies will be available to help individuals buy individual health insurance coverage through the new state-based public exchanges. Tax subsidies will be available, beginning in 2014, for individuals who enroll in silver plans through an exchange.
Disclaimer: This website is not the Health Insurance Marketplace website