What is Obamacare?
The official name for ObamaCare is the Patient Protection and Affordable Care Act (PPACA), or Affordable Care Act (ACA) for short.
- The ACA was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the Supreme Court on June 28, 2012.
- ObamaCare goal is to give more Americans access to affordable, quality health insurance and to reduce the growth in U.S. health care spending.
- The Affordable Care Act expands the affordability, quality, and availability of private and public health insurance through consumer protections, regulations, subsidies, taxes, insurance exchanges, and other reforms.
- ObamaCare does not replace Private Insurance, Medicare, or Medicaid.
- ObamaCare does not regulate your health care; it regulates health insurance along with some of the worst practices of the For-profit Healthcare Industry.
Open Enrollment 2016 started November 1st, 2015 and ends January 31, 2016. Open enrollment is the only time you can get Minimum Essential Health Coverage for 2016 without qualifying for Special Enrollment.
If you are getting cost assistance and your income changes throughout the year, make sure to update the Marketplace. If you take too much or too little in Advanced Premium Tax Credits you will have to adjust them at tax time using form 8962.
In 2015, 1 in 6 Americans got a Health Insurance Marketplace plan for $100 or less and 87% of people who selected a marketplace plan for 2015 got financial assistance. For 2016, 7 out of 10 returning Marketplace customers can get a plan for less than $75 a month and 8 in 10 can get one for $100 or less. Last year those who shopped around and switched plans saved more.
If you have had a qualifying life event you may be eligible for health insurance even after the open enrollment period.
The Alexis Insurance Group staff can help you navigate through the enrollment process and compare plans to find you the best plan for you and your family. Contact us to get you enrolled as soon as possible.
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