Obamacare Plans
Plans Last Updated: November 13th, 2019

Consumer Resource Guide to Understanding the Health Insurance Marketplace

There is an overwhelming amount of information in regards to your health insurance options, as well as new legislature, laws, and even penalties that not everyone may be aware of. The resources and articles provided here will enable consumers to gain the understanding they need of crucial elements affecting their personal health insurance needs.

You can begin your research now by clicking relevant links and articles below that pertain to questions you may have regarding your health insurance options.

Understanding Obamacare

What Is Obamacare?

In 2010, President Barack Obama signed into law the Patient Protection and Affordable Care Act, often called Obamacare. The numerous hurdles that had to be overcome by the White House to get it passed in Congress and the various compromises that were made due to Republican opposition have all contributed to make its passage one of the most important events in modern American legislative history. Opposition to it and the resulting media attention didn't stop when the law was enacted. It took until June 2012 for the new law to be finally put into practice after the United States Supreme Court declared it constitutional.

Health Insurance Benefits Made Available by Obamacare

The intent behind Obamacare is primarily to allow Americans to obtain an adequate level of health insurance, even if they were previously unable to do so for financial reasons. The law also prevents insurance companies from denying coverage at times where the insured would have the most pressing need for it. The government has put forward a subsidy program to make the cost of premiums a lot more reasonable. Despite the claims of some of its detractors, Obamacare isn't a way for the government to take over the existing health insurance market.

Under the new law, insurance companies are free to continue offering different types of policies. However, every health insurance policy must now include some key benefits that cannot be excluded. These essential benefits include: coverage for annual physical exams, laboratory tests, emergency medical care, contraception and pregnancy. Families may now keep their adult children on their policy until age 26.

Americans suffering from chronic illnesses previously faced numerous problems dealing with insurance companies that limited or denied their coverage. Obamacare has now made things a lot easier for these individuals. Insurers may no longer discriminate against them, impose policy lifetime limits or annual limits. Thanks to the Affordable Care Act, they can now be confident about having full access the care they need to manage their health conditions in the most optimal way possible.

Coverage Levels Available

Different levels of coverage were already common in the health insurance industry and the Affordable Care Act didn't eliminate them. Instead, it put in place four coverage levels and specified how much they cover. The lowest one, called the Bronze Plan, comes with the lowest monthly premiums but requires that the insured pay 40 percent out of their own pocket. At the other end of the spectrum, the Platinum Plan has the highest premiums and lowest co-payment amounts. Anyone covered under such a plan would only need to pay 10 percent of their healthcare costs, with the insurer paying out the rest.

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