So, here are the most common questions I am being
asked as an insurance agent regarding health insurance.
1. What
exactly is Obamacare and will it be available in 2018?
The official name for “ObamaCare” is the Patient Protection and
Affordable Care Act(PPACA), or Affordable Care Act (ACA) for short. The
repeal and replace of Obamacare recently failed, so the ACA remains the law of
the land for now.
2. When
is the open enrollment for year 2018?
The open enrollment this year is from November 1,
2017 through December 15, 2017. During
this time you can change or add health insurance for the 2018 year. After the
open enrollment is over, you will not be able to apply for health insurance
unless you have a qualifying life event.
3. What
is a “qualifying life event”? A qualifying life event will allow you to apply
for health insurance outside the open enrollment (within 60 days it happened)
There are 4 basic types of
qualifying life events. (The following are examples, not a full list.)
- Loss of health coverage
- Losing existing health coverage, including job-based, individual, and student plans
- Losing eligibility for Medicare, Medicaid, or CHIP
- Turning 26 and losing coverage through a parent’s plan
- Changes in household
- Getting married or divorced
- Having a baby or adopting a child
- Death in the family
- Changes in residence
- Moving to a different ZIP code or county
- A student moving to or from the place they attend school
- A seasonal worker moving to or from the place they both live and work
- Moving to or from a shelter or other transitional housing
- Other qualifying events
- Changes in your income that affect the coverage you qualify for
- Gaining membership in a federally recognized tribe or status as an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder
- Becoming a U.S. citizen
- Leaving incarceration (jail or prison)
- AmeriCorps members starting or ending their service
4.
What is the penalty for not having
health insurance?
If you
don't have health coverage, you may have to pay a fee. You also have to pay for
all of your health care.
To avoid the penalty you need insurance that qualifies as minimum
essential coverage.
Here is the fee for not having health insurance in 2017 and
2018
The fee is calculated 2 different
ways – as a percentage of your household income, and per person. You’ll
pay whichever is higher.
Percentage of income
·
2.5% of household income
·
Maximum: Total yearly premium for the national average price of
a Bronze plan sold through the Marketplace
Per person
·
$695 per adult
·
$347.50 per child under 18
·
Maximum: $2,085
5.
What is the subsidy or tax credit
and how can it help me?
A subsidy or a tax credit lowers your monthly health
insurance premium if you qualify. Let’s
look at this through an example: For example, if you a 45 year old single
individual living in San Francisco and making $47,500/year you can still get a
subsidy in the amount of $116/month.
Here is how it works:
If your monthly premium is $354.38 for the CCHP health plan,
then the subsidy decreases your monthly premium (in this case) by $116 so you
pay $238.38 per month. The same applies to the rest of the plans.
If your income is less, then the subsidy goes up, and vice
versa. The more money you make the more you pay for your health insurance.
6.
How to find and compare health
insurance plans?
Insurance plans and terms are complex, and choosing the one
that suits you best can be overwhelming. You can get help enrolling and
comparing plans by phone or with a local in-person agent. I am a
CoveredCa Insurance Agent, so feel free to reach me directly if you have a specific question. If you have a general
question, please feel free to comment bellow this video and I’ll respond ASAP.
Agents do not charge extra and the cost of the plans is
universally the same.
If you don’t have an agent, I will gladly help you. Here is
my contact information:
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