What Is Obamacare
The Affordable Care Act changed the way that healthcare is delivered in America. Before Obamacare, insurance companies were allowed to exclude people with preexisting health conditions. This led to people with significant need for coverage being forced into less optimal health coverage options. The people who couldn’t afford doctor visits may have had their conditions worsen due to lack of access to affordable care.
How Does Marketplace Insurance Work
The Health Insurance Marketplace is a system that allows individuals to compare health insurance options in their area. Using the Marketplace, you can find health care coverage that fits your individual needs. Though, it can be difficult to sort through all of the plans available in your area. An insurance agent can be helpful in this matter, as they have the knowledge necessary to help you pick a plan that is suitable for your situation.
Marketplace Tax Credits
When you apply for Marketplace coverage, you will be assessed to determine whether you qualify for premium tax credits. Premium tax credits will lower the cost of Marketplace insurance. If you earn too much money to qualify for Medicaid, you can receive premium tax credits if your income is less than 400% of the poverty level. The credit is applied on a monthly basis, it is not an annual tax rebate. If you qualify for premium tax credits, you will also have lower copayments and deductibles with your policy.
Marketplace Insurance Benefits
All Marketplace plans must allow parents to include children in their plans up to age 26. In addition to that requirement, they must also provide ten essential services. These services include:
- Preventive and wellness visits, including chronic disease management
- Maternity and newborn care
- Pediatric care
- Emergency room services
- Prescription drugs
- Outpatient care
- Mental and behavioral health treatment
- Services and devices to help people with injuries, disabilities, or chronic conditions
- Lab tests