Obamacare questions are the inquiries that people often make in relation to affordable health insurance, marketplace or the Affordable Care Act. Some of the common questions that are often asked are stated in this post. Suitable responses have also been provided to guide and clarify every misunderstanding regarding Obamacare.
Am I Required To Have Health Insurance?
One of the Obamacare questions often asked is ‘Am I required to have health insurance?’ Yes. It is required that most people have major insurance. Failure to have health insurance will result in tax penalty which you will pay, to help offset the costs of caring for uninsured Americans. There are some exemptions to the tax penalty which may be applicable to you. For instance, exemption will be offered to households with incomes above 400% of the Federal Poverty Line (FPL), if the cost of health insurance in their areas is beyond 8% of their taxable income.
Am I Eligible for Obamacare?
At the point of considering signing up for Obamacare, some people will ask ’Am I eligible for Obamacare?’ Of course, Yes. Most benefits that come with Obamacare are available to anyone who buys health insurance. However, there are additional requirements for whoever wishes to get subsidy (advanced premium tax credit). These are:
• Such person must reside in the United States.
• He or she must be a citizen or be lawfully present in the U.S.
• The person’s household income should be in the range of 133% and 400% of the Federal Poverty Level (FPL).
• At the point of enrollment, such person should not be incarcerated.
Assuming you are not eligible for subsidy, you can still apply for health insurance and enjoy several benefits from Obamacare. These benefits are:
• Preventive care services which exclude cost-sharing.
• Additional coverage for the care of women like birth control, pap smears.
• Children that are up to 26 years old can stay on their parents’ health plan.
• For covered benefits, lifetime dollar limits on health insurance do not apply.
• No one can turn down your health insurance application due to pre-existing conditions.
What Are the Penalties for ignoring Health Insurance?
Some people tend to ignore the Affordable Care Act mandate and often ask questions like ‘What are the penalties for ignoring health insurance?’ If you fail to purchase health insurance, you will face a penalty. For 2018, the penalty is $695 per adult (half that amount per child). For a family, it is up to $2,085 or 2.5% of household income, whichever is higher.
How Can I Tell What Is In My Plan?
How can I tell what is in my plan? No worries. This is because health insurance companies that operate under Obamacare are mandated to provide you with a “summary of benefits and coverage in respect of your plan. The purpose of this is to enable Americans to compare different plans and decide which insurance option is best for them.
Can I Get Health insurance for the Rest of the year?
Presently, 2018 open enrollment is over. However, some people who need health insurance keep asking this question: ‘Can I get health coverage for the rest of the year?’ Of course, yes. You can get health insurance outside open enrollment in two ways.
• Though the special enrollment period. However, you must qualify for certain other life changes like getting married, having a baby or losing job-based coverage.
• Through Children’s Health Insurance Program or Medicaid. Provided you are eligible for these programs, you can apply for them any time of the year.
Assuming you are not eligible for the two, consider applying for 2019 Marketplace coverage which will begin by November 1, 2018.
For more information please call ObamacareQuotes today at (800) 811-2640