Life is a combination of joy, and love. But what about those unforeseen, life-changing perils?? What about those sudden ailments and health issues? The question of health security and safety is at the back of every person’s mind.
There is always a fear of the unknown and this is where Obamacare Health insurance come in!!
Providing every American with security and safety so that they can enjoy their life without being too worried about these hazards.
If you are unaware of Obamacare health insurance and its benefits, then read on because this article is for you.
We will go over everything you need to know about Obamacare health insurance. Feel free to check out our in-depth article and make your decision.
The History of Obamacare Health Insurance:
Obamacare Health Insurance is the nickname assigned to the reformed Affordable Care Act (ACA). This was entitled ‘Obamacare Health Insurance’ because the reformations made in this health law were during the presidency of Barack Obama. This act was signed by President Obama in the month of March 2010.
The Obamacare health plan was received well by Americans. The response to ACA was phenomenal as just in April 2010, 46% of U.S. adults favored it and up till July 2010, 50% of U.S. citizens were in its favor. This breakthrough swept over the country and its aim was to provide a modern and affordable healthcare plan for everyone. According to the Statista, from year 2014 to 2021 approximately 31 million U.S. citizens profited from ACA, it is interesting to notice that this figure was 12.6 million in the year 2014.
What is Obamacare Health Insurance about?
Obamacare Health Insurance (ACA) aims to give security to patients and obliges every citizen of America to have health insurance. Its goal is to provide assistance to those who cannot afford a health insurance plan.
It aims for the well-being of patients and makes sure that everyone is provided with the medical care, they deserve.
Why?? Because it is based on the welfare of humans.
‘Care’ is its middle name and it works on the following prospects:
- Providing every U.S. citizen with affordable health insurance.
- Making innovative health insurance policies that help everyone including Americans who are below the poverty line.
- Expanding the Medicaid vision and including all of the private insurance companies in this vision.
It provides security to millions of families who can now afford medical care and enjoy the health insurance, they always dreamed about. Because paying the medical bills might cost you some dollars, but watching your loved ones smile and live healthily is priceless!!
How to apply for Obamacare Health Insurance?
Wondering how to get your Obamacare Health plan? Don’t sweat it’s simple. During the annual OEP (open enrollment period), which lasts for 6 weeks, you can apply for your health insurance plan for the coming year.
This means if you are applying in 2022, your ACA will cover the next year’s (2023) healthcare incidentals.
- The enrollment begins on 1st of November and lasts until the 15th of December.
Our insurance agents will be more than happy to guide you throughout the process. Even if you miss out on the OEP, there is a special enrollment period (SEP). You can contact TMT Insurance company to get enrolled.
- In SEP you can apply even if you have missed the deadline.
SEP is beneficial in cases where the individual is gone through some household change, any loss in the coverage process, or some alteration in the residential.
Besides this, you can always apply online, through the mail, on a phone call, or in person. All you have to do is provide your:
- Income details
- Social security number
- Immigration details
- Any pre-existing health insurance policy numbers (if required)
- Evidence of health insurance offered by your company/employer.
TMT is going to be your guide in choosing the correct health insurance plan and will also save you from the trouble of getting lost in the enrollment process.
Am I eligible for Obamacare?
Obamacare Health Insurance aims to cater to everyone’s medical needs. Despite of the annual income you make there is a premium plan for everyone. It doesn’t matter if you make 6000$ per year or 50,000$. You can choose a plan accordingly.
Your eligibility for a health plan is based upon the
- Your Health conditions
- Your Age
- Your Household size
- Your Income
- Your State
You can find out all about these by simply getting on board the insurance marketplace. By just providing answers to a few questions and you will have a clear picture.
What is the Premium Range of Obamacare Health Insurance:
The coverage range of Obamacare Health insurance differs conditional on the purchase. Here is an overview of the tiers provided by the marketplaces:
The bronze level:
This is the lowest deductible coverage plan however provides a lower level of health coverage than other levels.
- The silver level :
In general this is reflected as the reasonable and most adequate one because of costs and minor deductible.
- The gold level:
The gold tier typically have higher regular (monthly) premiums but at the cost of lower deductibles and direct payments.
- The platinum level:
This plan has expensive monthly premiums but very few deductibles and care charges.
The above-mentioned premium plans are as per the levels of income, its simple math, if you are scoring less income subsequently your premium will also be lower.
Confused about opting for the right plan??
This is where TMT comes in handy. We will help you find the right plan to accommodate all of your health expenses.
What is the cost effectiveness of Obamacare Health insurance?
The cost of ACA is as per the income you generate and household size. The government provides subsidy in terms of premium tax credits depending on where you fall on the Federal Poverty level (FPL). As mentioned above, this aims to make health insurance affordable for everyone.
On picking the bronze level premium plan the cost will be 342$. For the average silver level plan the cost will be 448$. Depending upon the chosen tier (bronze, silver, gold, platinum), the cost of premium (without subsidy) will be different.
The government helps those who can’t pay that full stack amount which further lowers the monthly payment. The insurance marketplaces guide everyone by simply calculating their annual income and looking at their FPL percentage.
ObamaCare has effectively transformed the healthcare industry for the better in a variety of ways. Millions of Americans who were previously uninsured have gained access to affordable healthcare plans, and many more now have the ability to keep their kids on their policies until they turn 26. Obamacare health insurance is a health plan that provides security and medical care benefits without confusing the client and ripping off their money. This translates the idea of a perfect insurance plan into reality.