ACA Plans | Up North Medicare
Before the Affordable Care Act was passed, insurance was harder to get if you didn’t have a high income. Now, Americans can find affordable insurance from the Marketplace insurance exchange. They can also get help paying for this coverage through tax credits and other income-based benefits.
Affordable Care Act (ACA) plans are plans that are sold on the public insurance Marketplace. The Marketplace is a public exchange that is administered by the local, state, or federal government. There are many different marketplace exchanges, but the most popular one is the federal Marketplace. Through it, you can compare plans and purchase one that fits your needs.
In most cases, you will find a large number of potential plans on the Marketplace. Each company that lists their insurance policies on the Marketplace are required to offer insurance plans at every metal tier available, meaning they must have at least four plans listed in order to participate. Each metal tier represents a different price point, so people who have limited income can always find lower cost plans if necessary.
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If you meet a certain income threshold, you may qualify for premium tax credits that reduce the cost of owning Marketplace insurance. The maximum annual earnings that can qualify you for premium tax credits varies, so contact an insurance agent for help submitting an application. You may also qualify for lower coinsurance, copayment, or deductible costs in some cases.
ACA plans offer an effective range of useful health care benefits. They will provide coverage for most major medical expenses, including medical costs and hospital costs. Marketplace plans are also required to provide a minimum of ten essential benefits. The ten essential benefits you can expect to find in every Marketplace plan are:
- Ambulatory patient services
- Emergency services
- Maternity and newborn care
- Mental health and substance use disorder services including behavioral health treatment
- Prescription drugs
- Rehabilitative and habilitative services and devices
- Laboratory services
- Preventive and wellness services and chronic disease management
- Pediatric services, including oral and vision care
ACA plans range from inexpensive to very expensive. How much your plan will cost often depends on your location and the level of coverage you choose. In 2018, the benchmark for Obamacare plans was an average monthly premium of $411. While this may have changed today, you can always expect ACA plans to fall in the range of $250 to $500. In some areas, plans can exceed $600. Fortunately, premium tax credits can significantly lower these costs.
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Comparing Marketplace plans on your own may be stressful, so get help from the agents at T&T Insurance. If you have questions or are in need of a non-bias opinion, we are a staff of dedicated professionals who will help you find a plan that works for you.