What is the Health insurance marketplace
Answer: Also known as the health insurance exchange or Obamacare. The online health insurance marketplace is where consumers can shop for and buy health insurance during open enrollment periods (the current open enrollment starts November 1st, 2016 for a Jan 1st effective date. Do your best to apply within this time period otherwise you may have to wait until the following year. With the marketplace you will be able to compare health plan choices, determine if you are eligible for a tax credit (called a subsidy) to help pay for your plan, and find out if you qualify for Medicaid, the federal insurance program for the poor. If yo make to much money you can buy a private health insurance plan through groupinsuranceplans.com
Question: What’s a subsidy
Answer: Health insurance Subsidies are calculated on a sliding scale based upon annual income. If you are between 100 percent and 400 percent of the Federal Poverty Level (*about $46,000 for single or individuals and $94,200 for families of four in 2017) *estimated. You may be eligible for tax credits to help you pay for health insurance. This money is called a “subsidy” and it can be used to help you pay for monthly premiums. If you make to much money you will need to buy a private heath insurance plan. If you are at or below 250 percent of the poverty level, you will be eligible to receive help with out-of-pocket medical expenses. Be careful though, that if your income level goes up during the year, you may have to pay back some of the cost assistance associated with the affordable care act or obamacare.
Question: Will I have to pay the penalty if I lose my job
Answer:> No. You may spend three months uninsured without a penalty if you lose your job. See qualifying events for details.
Question: If I am buying my own insurance, do I have to buy an exchange plan
Answer: No. You can purchase private health insurance plan through groupinsuranceplans.com. Using a licensed insurance agent through the private health insurance market is the smart way to go. Keep in mind subsidies will not be available to those who purchase privates plans sold off the exchange. If your income is to high this is your only choice. These plans offer the same 10 essential benefits as an on exchange plan that gets a subsidy. In most cases private plans offer a much wider choice of doctors and plans to choose from.
Question: If I can get insurance through work, can I still buy an exchange plan
Answer: Yes. However, you may not qualify for subsidies on the exchange unless your employer’s health insurance plan costs more than 9.5 percent of your annual income, among other restrictions. Some insurance plans at work offer horrible plans that are high deductibles such as a bronze plan. But what if you need a low deductible You may need to check into a private health plan.
Question: I’m on Medicare. Do I need to buy health insurance before Jan. 1, 2017
Answer: No. Since Medicare is health insurance, beneficiaries are already covered and their plans are already in compliance with the ACA individual mandate
Question: What is the silver plan under obamacare
Answer: Silver Plans will make the insurance company pay 70% of the covered health care expenses. The remaining 30% of expenses are paid out of pocket OOP, by the policy holder.
Question: What is the gold plan under obamacare
Answer: Gold Plans will make the insurance company pay 80% of the covered health care expenses. The remaining 20% of expenses are paid out of pocket OOP, by the policy holder.
Question: What is the bronze plan under obamacare
Answer: Bronze Plans will make the insurance company pay 60% of the covered health care expenses. The remaining 40% of expenses are paid out of pocket OOP, by the policy holder.
Question: Can I just buy catastrophic health coverage
Answer: Catastrophic health coverage is only available if you are younger than age 30 or unable to find insurance that costs less than 8 percent of your income.
Question: How much does obamacare cost
Answer: The monthly premium is based upon several factors: First is based upon your age. Second is how many family members are in your household. The third is if you smoke or not. The last factor is where you live, certain states have higher costs for insurance than others. Even inside your own state one zip code to another may cost 10 or 20% more.
Question: What is the tax penalty for no health insurance
Answer: For 2016 the fee is $695 or 2.5% of your income whichever is greater. If you don’t enroll you have to wait another year to get coverage and may have to pay the fee when you file your 2016 income taxes. Some exemptions are available such as people with very low income.