How does health insurance work with Obamacare?

We are about to start the Enrollment season in the United States or the open enrollment period of the health insurance market. That’s why many people may wonder if they are eligible for Obamacare and how plans work under the Patient Protection and Affordable Care Act (ACA).

And we want to explain a little what it is about:

The Federal Government assigns a “subsidy” to eligible families or individuals based on their income. This tax credit is to help pay for health insurance under the Obamacare regime. To be eligible you must have legal status in the country and declare a certain amount of income per year (in this case, by 2021).

This government aid is granted to families or individuals with incomes between 100% and 400% of the poverty level in the United States.

The objective is to reduce the expenses of one or several people in order to balance social situations of inequality and guarantee access to health insurance for the population. This has made it possible to obtain coverage and health care at a very low cost and sometimes for free.

What does Obamacare do for people?

The Affordable Care Act (ACA) offers multiple benefits for millions of people (citizens and legal residents of the United States)

  • * Guarantees rights and protection to Americans, residents or those who have a work permit; even in those cases where the employer does not cover the expenses with respect to your health care.
  • * Establishes a Health Insurance Marketplace where you can buy federally regulated and subsidized plans or policies during the marketplace’s registration or open enrollment (which starts on November 1 this year).
  • * Extends Medicaid to all adults in many states, including people with a pre-existing condition.
  • * Improves Medicare for seniors and those with long-term disabilities.
  • * Requires most people to be covered and for those who aren’t, Obamacare helps them get exceptions or pay a fee.
  • * Introduces new taxes and tax credits, among many other provisions.

How do I know if I am eligible for Obamacare?

There are some specific conditions for individuals and families to qualify to apply for Obamacare health coverage and government tax credits.

Obamacare is available to US citizens, resident aliens who are in the country legally. People who have obtained their residence in the country for five years or more also qualify for Medicaid insurance.

Here are some conditions you must meet to be eligible for health insurance:

  • – United States citizens, by birth or naturalized.
  • – People legally in the country.
  • – People who are not incarcerated.
  • – People who have a minimum income.
  • – People who are not going to get health coverage through their employer.

If you’re still not 100% sure you’re eligible for Obamacare, our advisors are here to help you find the plan that best suits your needs. Contact us

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