Today a sizeable minority is still without health insurance, while the rest of the population has already dealt with mixed results of the Affordable Care Act (ACA). Also known as “Obamacare,” the ACA has been slightly modified under the Trump Administration. Here are common health insurance questions related to America’s first national healthcare plan.
1. How Have Health Insurance Premiums Changed in 2020?
Most Americans get health insurance from employers or government assistance, such as Medicare and Medicaid. Only 4.2 percent of the population represents the individual market and has the most variable rates, whereas employer or government health programs are relatively stable.
2. Who Should I Consult for ACA-Compliance or Enrollment Issues?
When faced with enrolment issues, start by contacting your health insurance exchange. HealthCare.gov, which is owned by the U.S. Department of Health and Human Services, is a valuable resource for ACA-related issues.
3. How Does an HSA Work?
A health savings account (HSA) lowers your federal income taxes by contributing annual tax-free deposits. You can withdraw funds (which roll over each year) at any time for medical costs not paid by your high-deductible health plan (HDHP). Once you’re 65, you can withdraw HSA funds for other purposes, although you’ll pay a tax, whereas withdrawals for medical expenses will remain tax-free.
4. When Is the Open Enrollment Period (OEP)?
The OEP for the ACA is from November 1st through December 15th in most states. It allows you to enroll in a healthcare plan that takes effect the following January 1st.
5. How Can I Spot Health Insurance Scams?
The most tell-tale sign of a scam trying to exploit the ACA is when an unknown and unsolicited insurer pitches urgent offers via phone, email, or fax that request bank account information. Be aware that ACA plans are not marketed or sold by the federal government. Legitimate plans are sold through exchanges under the official name “Affordable Care Act,” not its nickname “Obamacare.”
6. Who Benefits from a High-Deductible Health Plan?
An HDHP is useful for all irrespective of whether they are sick or healthy, depending on the amount of money you plan to save in the coming year. HDHPs suit people in all situations and are worth considering, especially if you have high medical expenses.
7. How Have Individual Market Plans Changed under the ACA?
The days of $50 deductible ended long before President Obama signed the ACA in 2010. These deals typically were not major medical plans, as many were supplemental to employer-based coverage, which supported lower deductibles. As plans for different individuals tend to vary, costs for some plans would be relatively lower than the other.
8. Can My Medicaid Coverage Be Transferred to Another State?
Each state has its unique requirements for Medicaid coverage eligibility. This fact applies even while visiting another state. Hence, you will have to select a new plan instead of transferring your existing plan.
9. If My Income Dropped This Year, Will It Affect My Medicaid Coverage?
When you report your income level has declined to an exchange, the organization will research government data such as tax returns and request additional documentation of your income.
10. When Can I Claim an ACA Premium Subsidy?
You can claim an ACA premium subsidy during the policy year or at tax time as tax credits if you are eligible. It’s a matter of personal preference and can be claimed as long as you are enrolled within a healthcare exchange.
Less Common Questions about Health Insurance
1. Does the Government Enforce the Penalty for Lacking Health Insurance?
The penalty was enforced on a federal level from 2014 through 2018 and no longer existed as of 2019. Now the states have their own mandates.
2. Is It Now Easier to Get Individual Health Insurance under the ACA?
For the most part, yes, but it still comes down to the insurer.
3. How Has the ACA Affected Health Coverage for Self-employed Individuals?
Income levels in relation to the poverty level and medical history are key factors for determining subsidy eligibility. Depending on their earnings and their ability to get covered in the individual market before 2014, self-employed individuals may have to pay less for their health insurance.
Answers to the above-mentioned health insurance questions will help shape your coverage decisions.