The Affordable Care Act (ACA) encourages the development and deployment of innovative medical care delivery techniques with the goal of lowering overall healthcare costs. These methods include initiatives focused on improving care coordination, emphasizing preventive services, encouraging value-based care, and implementing new payment models to incentivize quality and efficiency in healthcare delivery. In this guide, we'll help you get a better idea of what is the Affordable Care Act and how it works, so you can determine if you're eligible for coverage.
The Patient Protection and Affordable Care Act (PPACA), popularly known as the Affordable Care Act and Obamacare, is a comprehensive healthcare reform law that went into effect in March 2010. It attempts to promote individual and family access to affordable health insurance coverage by offering subsidies known as premium tax credits. These subsidies assist in lowering the price of insurance for households earning between 100% and 400% of the federal poverty level (FPL).
Obamacare works by implementing various provisions to improve access to health insurance coverage for individuals who may face barriers such as a lack of workplace health insurance, financial constraints, or preexisting conditions. Here's a breakdown of how it works:
We streamline the process of understanding the features, costs, and benefits of each plan, helping you make the best decision when it comes to health insurance coverage for you and your family. You can compare ACA plans online using our website!
You are eligible for an ACA plan if:
You are not eligible for an ACA plan if:
The ACA uses your Modified Adjusted Gross Income (MAGI), rather than the Adjusted Gross Income that appears on your tax return, to determine potential savings. When calculating possible savings for health insurance coverage in any given year, an estimated household income will be taken into consideration.
If your household income is between 100% and 400% of the federal poverty level, you'll likely be eligible for a premium subsidy. In 2023, a single-person household can earn $14,580 to $58,320 and qualify for the subsidy. While a family of four can earn $30,000 to $120,000 would qualify. These income limits do not apply to Hawaii or Alaska. In the next section of our "What is the Affordable Care Act Guide" we'll cover important enrollment period dates.
Our website can help you determine if you're eligible for premium tax credits or other subsidies under the ACA. We can help you evaluate whether you qualify for financial assistance to reduce the cost of your health insurance premiums by providing us with information about your income and household size.
Here are the most important dates for choosing healthcare coverage:
Visit our website to compare ACA healthcare coverage options.
Consumers are not required to pay anything out-of-pocket for preventive-care services. ACA plans are required to cover the 10 essential health benefits:
If you're enjoying our "What is the Affordable Care Act Guide" check out our other guides, like our Obamacare/ACA vs Medicare Guide.
The ACA does not cover vision or dental insurance for adults.
If you believe your income is different than what was reported to the state or federal marketplace, contact them to adjust your subsidy. You can do this at any point during the year.
To learn more about your eligibility for health insurance under the ACA, call our licensed insurance agents at 1-877-590-3245, Monday to Friday, 8 AM to 8 PM ET. You can also experience for browse and compare ACA health insurance plans online through our website. In just a few clicks, you'll see details about different plan types, coverage options, deductibles, copayments, and networks.
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