Health Insurance Information
Understanding the Affordable Care Act
The Affordable Care Act was put in place to ensure that each American is able to have access to care at an affordable price. This new legislation has led to a major evolution of the health insurance market, as policies can now be purchased by both private insurance carriers and through the new public marketplace. Additionally, businesses with 50 or more full-time employees are now required to offer a certain level of health insurance coverage to their staff.
Fun Facts
The Affordable Care Act eliminates the common dilemma of pre-existing conditions, as it is now illegal to deny an individual of coverage, deny an individual of treatment, or charge an individual more if they have a pre-existing condition.
FAQ
Q1) How can I qualify for the special enrollment period?
People who experience certain life events are often approved for the special enrollment period. Some of these qualifying life events include the birth of a baby, marriage, divorce, citizenship changes, loss of current coverage, and job change.
Q2) What if I cannot afford health insurance?
You may qualify for a less expensive, subsidized policy that can be purchased through the Affordable Care Act’s state health insurance exchange market. Low-cost coverage through the Children’s Health Insurance Program (CHIP) or Medicaid are also options you may be able to take advantage of.
Q3) Can I avoid the tax penalty if I purchase a discount plan or non-licensed risk-sharing health plan?
No. Under the Affordable Care Act, these unique policies are not acceptable for avoiding a tax penalty. Since participants of these plans do not receive the same coverage and protection as other licensed health insurance plans, you will still be faced with a penalty.
Request a Custom Quote
We understand how confusing the new health insurance marketplace can be, which is why we the experienced professionals at Crowe & Associates are available to help you select the right coverage. Simply fill out the “Custom Quote” form to the right to get started.
Understanding Health Insurance
Since the Affordable Care Act was recently made law, the world of health insurance has undergone a major evolution. Now, each and every individual is required to obtain health insurance or face a tax penalty. Health insurance allows individuals and families to receive the preventative care necessary to thrive. With the enactment of the Affordable Care Act, each health insurance policy must offer a certain level of coverage that includes the 10 essential health benefits.
If you would like to purchase a new health insurance policy or alter your existing coverage, you will need to wait for the annual open enrollment period. This is the only time you can enroll for coverage, unless you qualify for the special enrollment period after experiencing a major life event or loss of coverage.
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