Affordable Care Act health insurance 2021
With the help of the Affordable Care Act (ACA), an individual can buy affordable health insurance that provides essential health insurance benefits to the individuals or family members without the help of employers. Many uninsured Americans have opted for affordable health insurance. In this pandemic Covid-19 situation, many had loosed job and thus with the help of ACA, they can avail affordable health insurance policies. In 2020,the importance of buying affordable health insurance policies has increased
Affordable Care Act (ACA)
The Affordable Care Act (ACA) is a healthcare benefit plan was signed into law by President Barack Obama on March 23, 2010. It expanded Medicaid eligibility and prevents insurance companies from rejecting coverage if there are any pre-existing health conditions. It is helpful for families with lower income and they can also qualify for some savings on such health insurance plans.
Open enrollment for 2020
Due to the Covid-19 pandemic situation, there is an allowance of open enrollment in ACA-compliant coverage for the residents in some states. Consumers can enroll in ACA-complaint coverage with the help of an exchange or off-exchange taking help from agents or brokers. However, people who are unable to afford ACA-compliant coverage may opt for the short-term coverage that would be temporarily helpful.
What is Short-term coverage?
Unlike other plans, short-term plan premiums are less expensive and have some beneficial features for consumers. It is mainly designed for individuals and families who are healthy. This type of policy is an affordable one while switching from one life event to another without a comprehensive health plan. It covers the basic medical underwriting for determining the individual’s eligibility applying for coverage and such policies don’t cover any pre-existing medical conditions. Short-terms are available in most of the US states except the 11 states. In 2020, the following states don’t have any short-term plan for sale:
- New York
- New Jersey
- Rhode Island
- New Mexico
The advantage of short-term plans is they have a lower premium and hence are quite affordable. Apart from that, healthy applicants can make use of such plan on an immediate basis and can start the coverage as early as the next day. They are also less expensive than the ACA-compliant major medical plans. Short-term policies are quite flexible in terms of covering a range of physician services, outpatient, surgery, and inpatient care. An applicant can buy a short-term policy and keep it for up to three years, hence an increased duration. The enrollment process is also simpler than the other policies with some yes/no questions.
Open enrollment period 2020:
The open enrollment period is from Nov 1 to Dec 15 each year for majority of the states.
The following are the extended dates for 2020 state-wise:
Oct. 15 to Jan. 15
Nov. 1 to Jan. 15
Nov. 1 to Jan. 31
Nov. 1 to Jan. 23
Nov. 1 to Dec. 23
Nov. 1 to Jan. 31
Nov. 1 to Dec. 23
Apart from open enrollment which allows the individual to enroll for policies within a specified period, there is a special enrolment period that is the period other than the open enrollment period.
Special enrolment period:
The other time, when an individual can enroll is when there is a qualifying event It depends on the special enrolment period type, that one may have 60 days before or 60 days after the event to enroll in the plan. If individuals misses special enrollment period window, they have to wait until the next open enrollment period.
- Having a baby, or adopting a child
- Becoming a U.S citizen
- Losing job
Individual health insurance:
An individual can avail individual health insurance policy for their personal requirements without the help of the employer. It is particularly helpful in times of switching jobs when one may lose corporate insurance due to loss of job. They are also quite affordable, free of restrictions, premium free and cover insurance for the family members too. Also, no health check-up is required before buying such policies.
ACA plan shopping options:
There are various options for buying ACA-compliant coverage for individuals who are eligible to enroll during the OEP or special enrollment period. With the help of the site HealthCare.gov, people can find the best plan and enroll in the ACA-compliant coverage. Certified agents and brokers can help individuals with their eligibility and subsidies and recommend them with the best policies based on the situation.
$0 medicare advantage plans:
The premium for medicare advantage plans is as low as $0. Like other medicare plans, $0 medicare advantage plans also include some prescription drug coverage. $0 medicare advantage plans has some other expenses such as coinsurance, copayments, and deductibles. Different plans may include different extra benefits. The cost for a Medicare Advantage Plan (Part C) depend on whether the plan charges a monthly premium or not .
Affordable health plans – a necessity for 2020
With growing number of Covid-19 cases world-wide, it has become quite necessary for the people to buy health plans through the ACA marketplaces. The affordability and the benefits of such plans in hard time of 2020 pandemic situation have made it very important for many Americans. Those who have loosed job and those people who are uninsured can avail ACA compliant coverage and keep themselves secured. Thus, enrolling for ACA compliant coverage has become a necessity for most of the people.