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Marketplace (ACA)

Obamacare is another name for the Patient Protection and Affordable Care Act (ACA) of 2010. The purpose of this legislation is to make healthcare more affordable by lowering costs for low income families. 

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
  • Hospitalization
  • Prescription drugs
  • Outpatient care
  • Mental and behavioral health treatment
  • Services and devices to help people with injuries, disabilities, or chronic conditions
  • Lab tests

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The SunCARE health option in Florida is a Minimum Essential Coverage (MEC) plan that offers an affordable and unique approach to health care coverage. It’s designed for individuals and families who exceed the poverty line and therefore do not have access to affordable medical care through the Marketplace.

SunCARE health option plans aren’t restricted by the Open Enrollment Period of other private health insurance plans, such as the Obama health care plans. This means you can apply for coverage at any time during the year. These plans are also less expensive than other traditional health insurance plans. They offer a broad range of benefits, such as coverage for doctor visits, prescriptions, and preventative services.

Get Marketplace Insurance

Shopping for Marketplace insurance can be a difficult task to approach alone. The knowledgeable insurance agents at El-Mag Insurance can help you navigate the Marketplace system. We understand how the insurance industry works, so we can help you find a plan that offers you all of the benefits you need. To find out more about Marketplace insurance plans in Florida, call us at 954-674-1444.