Obamacare has proved to be a boon for the uninsured in America. With the help of Obamacare, the benefits of health insurance have been expanded to many citizens who have been living below the Federal Poverty Level. With the help of this program, the citizens can get cost assistance right from the open marketplace. This program is open for people who are making less than 400% of the FPL. This means that families earning less than $93,500 and individuals earning $46,000 per year will be able to get health insurance benefits. However, the cost assistance available to all will be given by the state. This means that the benefits will be changing from state to state.
Everyone who wants to enroll in Obamacare will have to do so only during the Open Enrollment Period. The eligible people can opt for an enrollment on the healthcare.gov website. They can also enroll during the special enrollment periods Nov 15, 2015 to January 30, 2016. By doing so, they would be getting better healthcare at lower premium. Moreover, the out-of-pocket costs will also be reduced. Some of the states have also decided to expand Medicaid benefits to their citizens. Obamacare is one of the biggest health reforms in the country that came into being after the Affordable Care Act was passed.
Though most of the Americans were covered under health insurance, either individually or through their employers, the people living with smaller means were left uninsured. The ACA helped to bring them under the healthcare umbrella. The cost of healthcare has been reduced through the ACA provisions. This is not all, the quality of care is also improved through this. In fact, because of the provisions, more than $12 billion of savings have been registered and 50,000 fewer people lost their lives during healthcare.
Another important factor to be considered here is that health insurance will now be available to everyone, regardless of gender or any pre-existing medical conditions. The citizens can find the plans that suit them at the Health Insurance Marketplace where they can get quality healthcare at reduced premiums. Remember, you can select any plan that suits your needs at the Marketplace and no company will be able to deny your health coverage based on any factors. This means that they cannot label people as ‘high risk’ and ask for a higher premium. Hence, you get to pay a lower premium on your insurance and enjoy the benefits that this new reform brings to you.
Blog written by Liz Soria #helpquickbooks
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