Many Americans are still confused on what changes are to come with the Affordable Care Act and Healthcare Reform, also known as Obamacare. Here are the most important changes to individual and families who have to purchase their own health insurance:
- ACA policies have no underwriting and no penalties for pre-existing.
- Individuals and Families who pay for their own insurance, can receive Federally subsidized rates. So the US Government will help pay for up to 100% of your health insurance premium. It is estimated 80% of Americans will qualify for a subsidy.
- Starting January 2019, there will no longer be a health insurance penalty. Americans are not required to have health insurance.
- If you buy your own ACA health insurance you must sign up during Open Enrollment.
- Open Enrollment runs from 11/01 to 01/15 of each year.
- If you are trying to buy coverage outside of Open Enrollment you must apply for a Special Enrollment.
- If you do not have an SEP you can purchase Short Term Medical.