How to Qualify for the ACA
Those who go without health insurance are walking on a tightrope. If you experience a health emergency but don’t have coverage, you could be faced with substantial medical bills that may be financially devastating. Many folks don’t think they need coverage because they’re in good health or are worried that they can’t afford a plan.
However, several of these same individuals may qualify for subsidies that will help lower their healthcare costs. You may qualify and not know it, and we’re here to help you find out!
Ways to Get Health Coverage
There are multiple ways to obtain a health insurance policy. Many people get them through their employer, which can be a very convenient, affordable option. Employers will often give their teams multiple health plans to choose from, so you can pick the one that fits your situation best.
If you don’t have the option of getting health insurance through an employer, it is possible to purchase a plan through an independent insurance agent. Many agencies have short-term plans that can be used for a few months at a time. This is a great option if you’re between jobs and still want to have access to health insurance coverage.
Another way to get health insurance is through the federal government. There are multiple programs that exist solely to give health insurance to those that might not otherwise have it. Medicare and Medicaid are two of the most known options for getting health insurance. If you qualify for these programs, then they’re a great way to get coverage without having a huge bill.
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What Is the ACA?
The Affordable Care Act (ACA) is a healthcare reform law, enacted in 2010, to make it easier for people to get affordable health insurance. Known as “Obamacare”, the ACA provides consumers with subsidies or premium tax credits that lower the cost of healthcare for households on low incomes.
ACA Marketplace
Following the ACA was the creation of the health insurance marketplace — a buying/enrollment service run by the government. There are state and federal marketplaces that help people who aren’t offered health coverage through a large employer.
While the marketplace varies by state, it generally lets individuals and families compare different private health plans and pick the best one for their needs.
Am I Eligible to Use the Marketplace?
To be eligible to enroll in health insurance through the Marketplace, you:
- Have to currently be living in the U.S.
- Must be a U.S. citizen or national (or be lawfully present)
- Cannot be incarcerated
If you have Medicare benefits, you’re not able to use the Marketplace to buy a health or dental insurance plan.
Eligibility for ACA Premium Subsidies
Another factor that can determine qualification is income level. If you’re in a low-income bracket, then you most likely qualify for the Obamacare subsidies.
According to HealthMarkets, the income limit for ACA subsidies for individuals in 2021 is between $12,880 and $51,520, or 100% and 400% of the federal poverty level.
The Bottom Line
Through the ACA, Americans will have access to affordable health insurance policies that provide various degrees of coverage. If you’re considering this insurance option, make sure to look at all the different policies available. It can be helpful to speak with an insurance agent about which plan might work best for your situation. Call Aaron Young at ABC Medicare & Health Insurance agency today!
