The Affordable Care Act (ACA), also known as “Obamacare,” was signed into law by President Obama in March 2010. The ACA was designed so health insurance companies could no longer deny any individual health insurance due to pre-existing conditions. All US citizens or legal residents, both with and without employer coverage, are eligible to apply for the Affordable Care Act insurance, though your income can be no more than 400 percent of the federal poverty level.
These types of health care plans can be quoted for any company as long as they provide the health insurer with their name, date of birth, ZIP code, and smoker status. Additionally, if someone is covering their dependent, a spouse and/or a child(ren), the medical carrier would need their information as well. The ACA plans typically work well for companies that have an employee, or their dependent, with medical conditions that might make them ineligible for other products in the market. If you are offered job-based insurance, you will qualify for a subsidy only if your income is low enough and your employer’s insurance is not considered affordable and does not meet minimum quality standards.
For some people, subsidies may make ACA health insurance significantly cheaper than paying for COBRA. Enrolling in ACA health insurance also allows you to pick a different health insurance plan, which can be useful if your previous employer-sponsored one is no longer the best one for your health needs.
• What is the ACA?
• What is Telemedicine?
• Should I Get Dental and Vision Insurance?
• What is Critical Illness Insurance?
• When Can I Purchase Health Insurance?
• Your Health Insurance Acronym Guide
• Group Health Insurance Plan Options
• What is an Employee Assistance Program (EAP)?
• Your Health Insurance Savings Account Options
• All About COBRA
• Group Health Insurance Technology
• Grandfathered and Grandmothered Health Plans
• Your Guide to Group Health Insurance
• Medicare 101
• The Benefits of Short-Term Health Insurance
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