The Affordable Care Act or more popularly known as “Obamacare” was signed last March 23, 2010. It requires that most people have health insurance. In this article, let’s take a look at some details about “Obamacare.”
The Medical Insurance Market (also known as Marketplace) is a price comparison website where Americans can purchase their Quality and Affordable Medical Insurance, and receive financial assistance to lower premiums, and additional costs, and even qualify for Medicaid and CHIP. Every state has its own medical insurance market, find the medical insurance market of your state now.
Those with incomes below 400% of the Federal Poverty Level (FPL) may qualify for financial assistance through the insurance market. 400% of the Federal Poverty Level is just $ 46,000 per year for individuals and $ 93,500 for families. Financial assistance is only available through your state’s insurance market. Learn more about what ObamaCare will cost you. The majority of Americans will be eligible for subsidized health insurance from 2% to 9.5% of their Modified Adjusted Gross Income (or for free Medicaid and CHIP coverage).
Health insurance must be obtained during the open registration. The 2014 open enrollment in the ObamaCare Medical Insurance Market has ended on March 31, 2014. After the open registration, the open enrollment period started on November 15, 2015. There is also a qualification for a special enrollment period to be covered in the insurance market as the next open registration period arrives.
Apply at healthcare.gov to see if you are eligible for financial assistance to reduce premiums and additional expenses, and even for Medicaid (Medicaid eligibility has spread to many states).
Generally, as long as you have registered during the open registration each year, you will avoid the monthly charges for Shared Liability Payments for not having coverage for at least one day in a given month. Other exemptions may be used to extend the time during which you can avoid a fee for longer periods of time; Some exemptions extend for up to one year. You may have coverage and financial assistance even if you qualify for some exemption
The Medical Insurance Market is only open during the corresponding open registration period each year unless you qualify for a special registration period. To avoid penalties make sure you get coverage and keep it during the open registration and throughout the year. Insurance purchased before the 15th of each month begins on the first day of the following month once you have paid your premium.