INSURANCE TALK: Health Insurance Marketplace turns five this year

The Affordable Care Act made some changes to the Individual Health Insurance Market in 2014. A bill in 2017 to repeal it failed by one vote. So as 2019 gets closer, let’s revisit just what “Obamacare” is — and isn’t.

Since 2014, there are new consumer protections in place for individuals and families purchasing health insurance. This includes no medical underwriting, which means your policy cannot be cancelled if you get sick, and full coverage for your pre-existing conditions; on Day One, your coverage becomes effective. It also means you can keep your adult children on your plan until they turn 26 years old.
These protections come with a trade-off; the coverage is only available during the annual open enrollment period (Nov.1 to Dec. 15) or within 60 days of a “qualifying life event” (like losing your coverage, having a baby, adopting or getting married.)
The trade-off makes sense when you realize that without it, people could wait to buy health insurance until they needed it.
A “premium tax credit” makes the coverage more affordable for millions of Americans. Based on your eligibility, household size and household income, the government pays a fixed dollar amount of the private health insurance plan you choose.
Eligible individuals and families include those who either have no insurance at work or cannot afford that coverage, who file a federal income tax return, and whose income falls within a specific range. If you are not eligible for a premium tax credit, you can still purchase a plan.
The annual open enrollment period is nearly here. Our agents are ready to help you estimate and understand your eligibility for a premium tax credit. We can help you file your application with the Health Insurance Marketplace. We can help you compare the options you have, and we can help you enroll in a plan. All at no additional cost to you.
Feel free to visit our website, www.wjwheeler.com. Under “Life & Health > Health,” you can watch a four-minute video about health insurance and contact us for more assistance.

Submitted by Michael Newsom, W. J. Wheeler Insurance Agency 15 Market Square, South Paris, and 1 Parkway, Suite 1, Bethel.