PLEASE NOTE! The Health Insurance Marketplace Open Enrollment period ended February 15th. If you do not have a qualifying life event, you are unable to purchase an Obamacare ACA insurance plan. With that said, Short Term Health Plans have become the primary product in the market, providing insurance coverage until the next open enrollment period. Please consider purchasing a Short Term Health Plan until the next Open Enrollment period. Open Enrollment for 2016 coverage starts November 1, 2015.
Many families are still wondering, “What is the Affordable Care Act?” The Affordable Care Act (commonly referred to as Obamacare) has introduced a number of changes to the health insurance industry that you need to be aware of. Due to problems with Obamacare, such as website issues and uncertainty about options and rates, there is still significant confusion that can prevent you from finding the family health insurance plan that meets your family’s health care needs and budget.
Under the Affordable Care Act, there are a lot of changes introduced in family health insurance you should be aware of. Read on to learn more Obamacare information that will help you make an informed decision about family health insurance.
Determining Household Size and Household Income
The ACA determines whether or not you qualify for federal subsidies based on the size of your household and your household income. For tax purposes, this information helps determine your financial obligations to the IRS, and the same is true of your financial obligations under the ACA. However, there are differences between how families qualify for income tax credits and ACA premium tax credits.
The ACA determines the maximum amount of federal subsidies your family’s health plan can receive based on the number of tax dependents you claim on your taxes, among other factors. Depending on your tax obligations, your household may not qualify for family subsidies, which is why getting expert insurance advice is so important today. For example, an unmarried couple with children may not count as a single-income household under the ACA’s provisions.
Minimum Essential Coverage
The ACA states that all health insurance plans must have a minimum level of services to meet the law’s requirements. Otherwise, carrying a health insurance plan without the minimum essential coverage will subject you to the ACA tax penalty for the uninsured.
Here is a list of which types of insurance plans currently qualify as minimum essential coverage under the ACA:
- All federal health care marketplace health plans
- Most employer-based group health insurance plans
- Medicare part A and Medicare Advantage
- Consolidated Omnibus Budget Reconciliation Act (COBRA) health plans
- Children’s Health Insurance Program (CHIP) health plans
- Veterans’ health plans
- Grandfathered health plans.
If your family currently receives health care coverage from one of these types of insurance plans, the ACA will in all likelihood not affect your situation very much. But in some cases, the ACA may qualify or disqualify you for certain tax benefits under the law based on how the ACA calculates household size and household income.
The ACA impacts family health insurance as well as health insurance for single individuals. To clarify your obligations, we can provide affordable care act information, guide you through your options and help you choose which health plan is best for your family’s needs. Alternatively, you can use our quoting tool to get started on the health insurance marketplace.
While Open Enrollment has closed, there are still several Qualifying Life Events that can enable you to get a family health insurance plan. If you do not qualify during the special election period, a Short Term Health Plan will get you the coverage you need until the next Open Enrollment period. Either way, contact us today to get started with family health insurance!