Obamacare Health Plans
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The Affordable Care Act (ACA) Obamacare Health Plan took a long time to come into being. In March of 2010, it was finally signed into law and began offering a more affordable option for individuals who were unable to afford or did not meet the requirements for insurance coverage. The plan also set some rules for all insurance carriers to be sure people could get the care they need.
Obamacare Health Plans
There are several options under the Affordable Care Act, with different insurers and varied health plans. There are four categories of plans offered – bronze, silver, gold, and platinum. They each cover a different percentage of out-of-pocket costs and have different premiums. In addition, they offer catastrophic insurance plans.
The thing about Obamacare is that it is largely dependent upon your income. While some individuals and families are finding out it is still quite expensive, others are finally finding an option they can afford.
Government subsidies help to bring down the costs for some people, which is called on-exchange, but it is also available for those who do not qualify for the subsidies, called off-exchange.
Obamacare Pros and Cons
Just as with any insurance, there are pros and cons to Obamacare and how it is run. Since it offers coverage from different companies, reviews can vary from person to person and company to company. What are some pros and cons of Obamacare?
- Offers insurance coverage to those who previously did not qualify for or could not afford it
- Leveled insurance plans allow individuals to choose the option that fits their needs and theirbudget
- The Affordable Care Act sets minimum coverage for all insurance companies, whether you receive it through your employer or not
- Prevents coverage cancellations and denial due to pre-existing conditions
- No annual or lifetime limits
- If you do not purchase insurance, whether through your employer, via the Affordable Care Act, or on your own, you can face tax penalties
- Taxes have been increased for a segment of the population
- Provider networks have been narrowed in options
- Doesn’t address long-term care
Obamacare has seen good and bad reviews. By evaluating the good and bad, as well as the benefits you can receive, you can ensure you make the right choice for you and your family. Do your research and make the best decision with the information you have.