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5 Things You Need to Know About ObamaCare

The Patient Protection and Affordable Care Act is what most people know as ObamaCare, but there may still be a lot of mystery with this government program. This health insurance can be a little complicated, but here are some things that you should absolutely know about ObamaCare affordable insurance. 

ObamaCare insurance makes insurance mandatory. 

Once ObamaCare insurance was accepted, it became mandatory for everyone to get health insurance. Those who can’t afford the insurance were required to sign up for state sponsored programs. If you could afford insurance and chose not to get it, you would be charged a penalty during tax season. In 2016, the annual fee for not having insurance is $695 for adults and $347.50 for children, or 2.5% of your household income. 

ObamaCare health insurance has a specific open-enrollment period.

Unless you’ve had a major change in your life, you can only purchase, switch, and get subsidies through qualifying private medical insurance during open enrollment (which usually runs from November 1st to January 31st).This is the same time period you have to sign up for 2017 coverage through HealthCare.gov—which is the website that allows you to find state ObamaCare health insurance. The date for open enrollment can change, but you can check when it begins through HealthCare.gov. Major events that allow you to change your coverage outside of the enrollment period include moving, getting married, or losing your job.

ObamaCare insurance allows you to enroll in Medicaid and CHIP all year.

The only exception to the open enrollment period is if you need to sign up for Medicaid or CHIP. The eligibility for this program is based on income, and you must be at or under 138% of the Federal Poverty Level to qualify. Open enrollment may inform you that you’re able to sign up for this state sponsored program, but you can also call your Department of Human Services office to see if you can enroll in Medicaid based on your household income. 

ObamaCare affordable insurance allows you to get some basics for free. 

No matter what plan you get, some basics are covered for absolutely no cost to you. Preventative care procedures such as annual checkups, immunizations, preventive tests, and more are covered without out-of-pocket expenses. The reason these services are free is because they can help prevent pressing health issues from exacerbating. To check if you can get these services, you can request a summary of your benefits or just speak to a customer representative. 

ObamaCare insurance requires some companies to provide healthcare. 

The ObamaCare insurance act also enacted an employer mandate this year, 2016. This law requires that any business that has 50 or more full-time equivalent employees has to provide insurance to most of their full-time employees and dependents up to the age of 25 or pay a fee. This means that you could get insurance through your workplace if you are employed by a company full-time. According to the Affordable Care Act, coverage offered to employees must be considered affordable—which means it cannot be more than 9.56% of an employee’s household income.

Last Updated: December 13, 2018