Awareness of the Obamacare coverage and premium subsidies remains fairly low among a wide number of American citizens. We realize that a lot of people are still having difficulty on how to apply for Obamacare easily.
Within the first five years, just 16 million Americans obtained health insurance coverage of the Affordable Care Act (ACA), which we consider low based on the population of the United States.
The Affordable Care Act (ACA), also known as Obamacare allows the uninsured to be able to get an affordable health insurance plan through the Marketplace, with savings based on their income and household size. And according to different reports, young adults made up a large percentage of these newly insured people within the first five years.
What is Obamacare?
The Patient Protection is also known as the Affordable Care Act and popularly referred to as ObamaCare is the common name for marketplace health insurance that is made more affordable to you by the Affordable Care Act.
On average the Obamacare plan costs between $328 to $482 annually but varies depending on the company, type of plan, and where you live. And you should be aware that for only $45/month, you’ll have access to low-cost urgent care visits, discounted prescriptions, and same-day lab testing. Follow me in this article to see how to apply for Obamacare the easy way.
Things you should know about Obamacare
One of the goals of Obamacare is to lower the cost of Medicare and Medicaid which means that whether you purchase Obamacare insurance or not, the Act has already affected you in one way or the other.
One reason is since the federal government spends $1.27 trillion on healthcare alone, then healthcare costs the U.S. government more than the cost of Social Security at $1.15 trillion.
Obamacare made it mandatory for hospitals, doctors, and pharmacists to work together in ways they never did before. It is changing how healthcare is being delivered.
For example, how Obamacare works is that all medical records must be recorded electronically instead of on paper. Also, that Medicare pays hospitals based on how well one gets, instead of how many tests and procedures the doctors prescribe.
ObamaCare is not free. A lot of people think that ObamaCare is free because their concept of universal healthcare is “free healthcare.” Universal healthcare is a term that politicians use because they sound better than “a compulsory insurance mandate”. Everyone is required to have (buy) insurance, so everyone is supposed to have affordable healthcare coverage.
Pros and Cons
The Obamacare isn’t all perfect but it’s on track. The ACA is subject to changes every year; we have legislative bring it up from time to time. Here are the pros and cons of the Affordable Care Act.
Pros
More affordable health insurance for many people
Although health insurance coverage still isn’t free by any means, people now have a wider range of coverage options. Insurance companies must now spend at least 80 per cent of insurance premiums on medical care and improvements. The ACA also aims to prevent insurers from making unreasonable rate increases.
Less cost of prescribed drugs
According to a Centers for Medicare and Medicaid Services press release from 2017, Medicare beneficiaries have saved over $26.8 billion on prescription drugs under Obamacare, so how much must have been saved by this year. Before many people, particularly senior citizens, are unable to afford all their medications. The number of prescription and generic drugs covered by the ACA is growing every year.
More screenings are covered
Obamacare covers many screenings and preventive services. These usually have low copays or deductibles. Hoping that if you’re proactive in your healthcare, you can avoid or delay major health problems later. Healthier consumers will lead to lower costs over time. For example, a diabetes screening and early treatment may help prevent a costly and hectic treatment later.
Cons
People have to pay more for premiums
The Affordable Care Act has caused premiums to rise for a lot of people who already have health insurance. Insurance companies now provide a wider range of benefits and cover people with preexisting conditions.
Taxes are going up
To help pay for Obamacare, several new taxes were passed into law, including taxes on medical devices and pharmaceutical sales. Taxes were also increased for people with higher incomes than the average Americans. Funding also comes from savings in Medicare payments.
Signing up for the right family or business coverage can be tricky
The Obamacare website had a lot of technical problems at first. This made it difficult for people to enrol and led to delays and lower-than-expected signups. The website problems were eventually fixed, but many consumers have complained that signing up for the right family or business coverage can be tricky but later on we will show you how to apply for Obamacare easily.
Businesses are cutting employee hours due to Obamacare
According to the ACA businesses with 50 or more full-time employees must offer insurance or make payments to cover healthcare expenses for employees. By reducing hours, businesses can get by the 30-hour-per-week definition of a full-time employee.
How to Apply for Obamacare
To help you make the application process easier and faster, you should have this information ready before you start your application.
Also, note that you won’t need all of this information if you’re applying for coverage without savings.
- Your information
- Home and/or mailing addresses for everyone applying for coverage
- Social Security Numbers (SSNs) for everyone on your application
- Information about the professional helping you apply (if any)
- Immigration document information (this only applies to lawfully present immigrants)
- Information on how you’ll file your taxes
- Employer and income information for everyone in your household
- Your best estimate of your household income
- Current health coverage information
- A completed Employer Coverage Tool (This only applies if anyone in your household has or is eligible for coverage through their employer)
- Health Reimbursement Arrangement (this only applies if anyone in your household is offered an HRA through their employer)
How to Apply: 4 easy steps
If you don’t know how to apply for Obamacare, these four easy steps will serve as a great guide for you. They include:
1. Create an account
First provide some basic information. That is why we recommended the information you should get the above-mentioned information ready before you start your application. Then choose a username, password, and security questions for added protection.
2. Apply for Marketplace coverage
Enter information about you and your family, including your income, household size, and more. Use the information recommendation from a to k as a checklist to make sure everything is intact based on the information you’ll need. This will help you apply for Obamacare without too many problems.
3. Pick a plan
Next, you’ll see all the health insurance plans and programs you’re eligible for and compare them side by side. You can start your 2022 application process right away by comparing the plans and prices through Healthcare.gov.
4. Enroll
Choose a health insurance plan that meets your needs and enrol! Now is the best time to start your application for 2022. Remember that in some states like California enrollments are still ongoing. You can also make inquiries on whether applications are still ongoing in your state of residence.
If you need help with your Marketplace application, there are people trained and certified to help you understand your health coverage options and enrol you in a plan in every state. And remember that you can contact them anytime by phone or live chat on (healthcare.gov) for help with a Marketplace Insurance question.
FAQs
Obamacare made health insurance plans more affordable in the public health insurance market exchange. Although there are no specific plans for everyone, just more affordable options through different companies. Obamacare plans vary in price depending on the company, type of plan you choose, and where you live. The average monthly cost of a plan from the public health insurance market ranges from $328 to $482 annually.
The Open Enrollment Period (OEP) is the period each year when people can enrol in a health insurance plan. In most states, this is typically from November 1 to December 15, and the plan doesn’t take effect until January 1 of the following year. Therefore, you will not always receive health coverage right away, depending on when you apply. If you miss the OEP, you can apply for a short-term health insurance plan until the period opens back up the following year. This can be purchased for up to 364 days.
Of course, you can. Even if you lose your job, you will still be eligible to apply for insurance in the Special Enrollment Period. However, if your annual income decreases dramatically, you may eventually qualify to receive Medicaid through your state government.
Conclusion
Even if you have never heard of Obamacare this article has discussed all you need to know about the Affordable Care Act (ACA). We have also outlined the best possible steps that will make the application process easier and faster for you, try your best to learn all the basics of health insurance plans before selecting the one that is right for you. It should be an addition for you to know that the right income to submit is your modified adjusted gross income.
Since the federal government has stated that for 2022, the average premiums have dropped on average about $30 per person per month and median deductibles have dropped by 90%, from $450 to just $50/year then now is the best time to jump into the application process.
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