Health insurance can be expensive in the US, especially when your company doesn’t offer it. If you’re shopping for options during the enrollment period this fall, checking out health plans through the Affordable Care Act is a good way to start.
Signed into law by former President Barack Obama in 2010 Affordable Care Act was designed to give more Americans access to affordable health insurance. The law also expands the Medicaid program and supports new methods of medical delivery — such as ACA Health Homes — aimed at lowering health care costs. More than 35 million Americans are enrolled in coverage linked to the Affordable Care Act, President Joe Biden announced on August 2.
We’ll tell you when open enrollment begins for health plans under the Affordable Care Act and how to enroll in HealthCare.gov. For additional reading, here is the best time for it start collecting your Social Security benefits.
What health insurance plans are available under the Affordable Care Act?
The state you live in determines which health care providers you can use, assuming you qualify for the Affordable Care Act (see below). For each plan, you should see bronze, silver, gold, and platinum options. Here is a breakdown of how each plan works.
Bronze: You’ll pay the lowest monthly premium, but you’ll pay more when it comes to paying for care. The bronze plan’s deductible is generally much higher than other options, so you’ll pay more out of pocket until your deductible is met.
Silver: This middle-of-the-road coverage comes at a moderate monthly price. It will cost you more than the Bronze option, but your costs for medical treatment will be less than if you go with the Bronze plan.
Gold: This plan includes a high monthly premium and low costs when you need health care. A low deductible means the amount of medical costs you pay out of pocket will be much less than with the Bronze and Silver plans.
Platinum: The most expensive monthly premium gives you the lowest costs when it comes to medical care. Since the deductible is so low, your plan will start paying your medical expenses faster than any other option.
Deciding which plan to choose depends on your lifestyle, how often you will need health care, and what type of medical treatment you seek. For example, if you are healthy and expect to only need to use your insurance for emergencies, you can choose the Bronze or Silver plan. If you are currently receiving treatment or expect to need regular medical care, the Gold and Platinum options may be the best options for you.
If you are under 30 or have a EXCEPTION based on the inability to afford health insurance, you may qualify for one The disastrous planwhich has a very low monthly premium and a very high deductible.
Note that your premium is based on your income, so if you have a lower income, your premium may cost less.
Spending more on a premium plan can help you save money in the long run.
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How to find out if you qualify for an Affordable Care Act plan
Before you start thinking about which plan to choose, you should first find out if you really qualify for the Affordable Care Act. go to healthcare.gov/screener/ and enter your ZIP code. Depending on where you live, you may be redirected to a different website.
You’ll then answer a few questions to see if you qualify for discounted or full-price coverage. Once you get an answer, your next step is to fill out an application with either the Health Insurance Marketplace or your state’s marketplace to see plans and prices.
When can you sign up for an Affordable Care Act health care plan?
Open enrollment begins November 1st and runs through January 15th. Outside of these dates, you may be eligible for special registration. Here’s how you can qualify:
You had a life-changing event in the last 60 days: Events include loss of health coverage, a change in family income, the birth of a child, marriage, divorce, moving to a new ZIP code, or if someone on your Marketplace plan has died.
Note that if you’ve moved to a new ZIP code, you must show proof that you had coverage for at least one day in the past 60 days or that you will lose coverage in the next 60 days. Also, if you’ve lost your job and decide not to accept COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, you can re-enroll in a Marketplace plan.
You are applying for Medicaid or the Children’s Health Insurance Program (CHIP): If you are applying for any of these programs, you can apply for health insurance through the Marketplace at any time.
Other life circumstances that may qualify you:
- You’re getting out of jail
- You just became a US citizen
- You are starting or ending service at AmeriCorps
- You have earned membership in a federally recognized tribe or status as an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder
To see if you qualify for special registration, follow the steps above at healthcare.gov/screener/. If you qualify, your health care plan will begin on the first day of the month after enrollment. For example, if you sign up in August, your coverage will begin on September 1.
A change in family income may qualify you for special registration.
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How to sign up for an Affordable Care Act health care plan
Once you’re ready to register — whether it’s between November 1 and January 15 or through special registration — you’ll need to create an account on HealthCare.gov or through your country’s provider. You’ll then fill out the application to view plans and prices and choose which option is best for you.
Things you might need during application:
- Social Security Numbers for everyone in your app
- Employer and income information for everyone in your household
- Current health insurance policy numbers (if applicable)
- Information about health insurance available from your employer
- Immigration documentation
Again, once you’ve signed up, your plan must start on the first day of the month following your sign-up date, assuming you’ve paid your first month’s premium.
Keep an eye out for your insurance card in the mail after you enroll, as well as any other information about the health care plan you’ve chosen.
For more health care information, here how the lack of funding for COVID is affecting Americans without health insurance. Also, here’s how to find out if you are health insurance covers online therapy AND the best telemedicine services for doctor’s visits at home.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health care provider with any questions you may have about a medical condition or health goals.
