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Everything You Need to Know About ACA

Everything You Need to Know About ACA

The Affordable Care Act or nicknamed as Obamacare Act was introduced by the US constituency in order to seek reform and redesign the health care system present in the United States. The Act is called Obamacare because it was constituted under the presidential term of US president Barack Obama. Through this act the US government tried to address the health crisis that the US citizens were facing like increase in the rate of uninsured individuals and families, unparallel rise of premium amounts and malpractices on the part of doctors and health insurance providers. Although many are aware about the various aspects of the ACA but for those who are not below is a brief analogy on everything you need to know about ACA.

The ACA was signed by President Barack Obama in 2010 but after a lot of debate and hassles the Supreme Court finally passed it in 28th June, 2012. This law mandated every citizen of US be it a child, adult or senior citizen to purchase health insurance coverage every year either from a government approved insurance provider or via their company owners. The insurance plans can be purchased from the government website which is popularly nicknamed as Marketplace during the Open Enrollment Period. Failing to do so willingly will attract fines in the form of higher taxes from the individual at the end of the year. If an individual is unable to purchase any plan due to low income then subsidies will be provided to him on behalf of the government.

The ACA strives to fulfill below mentioned goals:

  1. Making doctors and insurance providers more responsible and attentive towards patients needs and rights.
  2. Making healthcare more affordable for majority of the US population by providing subsidies to the poor and regulating the premium prices.
  3. Improving and expanding Medicaid and Medicare programs in all states that have signed up for Obamacare.
  4. Preventing any and all kinds of discrimination.
  5. Providing tax reliefs to small companies for insuring their employees and also allowing them to pay for insurance at their own suitable time.
  6. Ensuring people with existing health problems also avail medical treatment.
  7. Providing 10 essential medical benefits to all the insurance holders.

The rates of the ACA differ from state to state and so is the amount of subsidies. All the plans that are offered are classified into 4 major categories. They are

  1. Bronze
  2. Silver
  3. Gold
  4. Platinum

Each of the categories is targeted for specific groups of people according to their age and income levels and has their own array of benefits.

Basically Obamacare works on the principle of collective responsibility. The young and rich are charged more premium rates and the poor especially those that fall under the Federal Poverty Line are provided substantial relief so that everyone can avail a health insurance. Till date around 28 states of the US have enrolled for the ACA and millions of Americans have become privy to the benefits of the Affordable Care Act.

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Subsidy Eligibility

Reason for New Coverage

I am authorizing a licensed Health Insurance Agent to review, to submit into a free plan or to refer my Health Insurance enrollment to a qualified entity whenever deemed necessary. I as a customer allow access to my or Medicaid accounts to make any updates/uploads as necessary and also to review and advise year to year, using any and all reasonable efforts to ensure that I the customer have a sound decision in my Healthcare plan for the year. I as the customer agree that I qualified for one of the many SEP’s during the year of 2022. (Ex: qualified for unemployment, Covid 19, Etc) I as a customer acknowledge receipt of HIPPA Privacy Information at the time of enrollment. By filling out and providing my personal information and signing, I certify that all of the above information is correct to the best of my knowledge and I give authorization to be enrolled into a free health insurance plan.

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