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17 Oct
2018

Buying Obamacare Insurance and When to Purchase It

Buying Obamacare Insurance

buying obamacare insurance

There are lots of choices available when buying Obamacare insurance. You can compare websites, visit the website online, dial the call center, contact a health insurance agent in your area or use your state’s health insurance marketplace (also called exchange). Apart from buying Obamacare insurance, this post will also explain when best to purchase it, available plans and the advantages of buying Obamacare insurance.

Buying Obamacare Insurance

Buying Obamacare insurance is a decision that should be handled with caution. Since not all insurers sell plans via the government-run marketplaces, you should look for more options by shopping both in and outside the marketplaces. Those who are eligible for subsidies can obtain them by buying through their state’s health insurance marketplace. Healthcare.gov is connected to every state’s marketplaces. In addition, an individual can be qualified for a premium discount if his or her income falls below 400 percent of the Federal Poverty Level (FPL). The 400 percent threshold for 2018 has been fixed for $48,240 per individual.

When Can I Buy Obamacare Insurance?

Having explained how to get Obamacare, you need to understand that there is a limited window to shop this insurance. This may generate a question like “When can I buy Obamacare insurance?” Except for special circumstances, individuals can purchase Obamacare insurance coverage only during the period known as open enrollment. The 2018 open enrollment has ended. For 2019, open enrollment kicks off from 1st November to 15th December, 2018. Some states usually extend their open enrollment period beyond the normal 45 days.

You can also purchase a health plan outside the open enrollment period if you have a “qualifying life event.” Examples are having a baby, getting married or losing coverage. There are federal and state insurance programs for low-income families that you can sign up at any time of year. These are Medicaid or CHIP. There is a tax penalty for individuals and families that have no sufficient coverage for most of the year.

What Are Obamacare Insurance Plans?

After knowing the time right time to purchase your plans, “What are Obamacare insurance plans?” For easy comparison, Obamacare insurance plans are divided into five categories. These categories vary in how they are structured, how much of your health care costs they pay and the portion you pay out of pocket. The categories are:

• Bronze – this plan pays 60% of your health care costs while you are responsible for the remaining 40 %.
• Silver – this plan pays 70% of your health care costs while you are responsible for the remaining 30 %.
• Gold – this plan pays 80% of your health care costs while you are responsible for the remaining 20 %.
• Platinum – this plan pays 90% of your health care costs while you are responsible for the remaining 10 %.
• Catastrophic plans- These plans are available to people who are less than 30 years of age or those having financial hardship. They typically have high deductibles and cater for less than 60% of health care costs.

Note that that when you pay less out of pocket for the deductible, co-payments and co-insurance, you will pay more insurance premium for your coverage and vice versa.

Advantages of Buying Obamacare Insurance

Here are the advantages of buying Obamacare insurance:

• Doctor’s office visits, dental and vision care for kids.
• Emergency care and laboratory test for patients.
• Women enjoy pregnancy and maternity care.
• Availability of drugs and hospitalization for seriously ill patients.
• Psychiatric and substance abuse treatment.
• Treatment of disability and chronic condition.
• Varieties of health screenings, immunizations and birth control.
• Out of pocket cost for preventive care is free.

For more information please call ObamacareQuotes today at (800) 811-2640

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