The Most Important Facts About Obamacare Insurance
Obamacare insurance, also known as the Affordable Care Act (ACA) was created to make healthcare more accessible by lowering costs for individuals who could not afford quality care. It was signed into law in 2010 and since then, has undergone multiple changes. Just recently, President Joe Biden made a provision allowing individuals to choose coverage during special enrollment without having a qualifying life event. It is likely that provisions will continue to change in the coming years, but here are the most important facts you need to know about Obamacare.
Insurance Plans Will Cover These 10 Services
The ACA required insurance plans to cover 10 services back in 2014. These services are considered “essential,” which is why they have been dubbed the 10 essential health benefits. These services are:
- Prescription drugs
- Pediatric services
- Preventative and wellness services and chronic disease management
- Emergency services
- Mental health and addiction services
- Pregnancy, maternity, and newborn care
- Ambulatory patient services
- Laboratory services
- Rehabilitative and habilitative services/devices
Some insurance plans provide additional benefits, but you can always count on these 10 to be covered. It’s important to note that just because your plan covers these 10 services, doesn’t mean it covers everything within each service. For example, although your plan must cover prescription drugs, certain drugs may not be covered, therefore you will have to pay out of pocket.
Four Tiers Of Coverage
There are four tiers of coverage, which determine how much you will pay out of pocket. These are:
If you choose from the bronze plans, you pay less upfront than you would with other plans. However, it offers the lowest percentage of coverage and has the highest out-of-pocket expenses.
Preexisting Conditions Are No Longer A Barrier
Before Obamacare, insurance companies could charge more or completely deny coverage to individuals with preexisting conditions. Now, your preexisting condition will no longer keep you from receiving insurance coverage or force you to pay exorbitant fees.
Open Enrollment And Special Enrollment
Every fall there is an open enrollment period where you can pick between individual health insurance or Obamacare insurance. You can still find a plan outside of open enrollment, but your options will mostly be limited to Medicaid/CHIP and short-term health insurance.
There is also a special enrollment plan, which used to allow people to enroll outside of open enrollment only if they had a “qualifying life event.” Recently, President Joe Biden signed an executive order allowing people to sign up during the special enrollment without a qualifying life event. If you believe you need assistance deciding what coverage is best, contact Compass Health. We can help you select and manage the best coverage for your needs. You’ll work directly with an agent who will shop around for the best coverage at the lowest price. Our team will always put your interests first.
Choosing an insurance agent
We hope this Obamacare information was enlightening and will help you determine the best coverage for you and your family. Just remember, you’re not alone. The agents at Compass Health Insurance know everything there is about insurance so you can focus on life. Our products include:
- Health insurance
- Life insurance
- Other services, like prescription coverage
There are so many reasons an insurance agency outcompetes an insurance company. We will help you save money, put your interests first, find the best coverage, manage your coverage, and offer a wide variety of plans and carriers as your needs change. You won’t find that level of commitment and attention from an insurance company!
Contact Compass Health Insurance
Work directly with an agent to find the coverage that’s right for you. Our agent will get to know you and all of your needs to choose a plan that aligns perfectly with your goals. In addition to helping you choose the best coverage at the lowest price, we will manage your coverage every year to ensure you never pay more than you should. Our wealth of knowledge is going to be useful over the years, as we will keep you informed on what type and how much insurance to purchase. If you think the ACA is right for you, don’t delay. For Obamacare insurance, contact Compass Health. Call 877.870.8391 to speak with an agent.