How Do I Find Out What Insurance I Qualify for Under the Affordable Care Act?
The Affordable Care Act (ACA) of 2014 made it a requirement to have health insurance. But it may be confusing to determine what type of health insurance you are eligible for under ACA. However, there are a variety of options that you may qualify for.
It is important that you consider all of your options and that the insurance meets the requirements so you do not end up paying the ACA fine if you fail to get health insurance. Plus, having health insurance will protect you financially since it will help defray the cost of any major medical emergency.
Be sure to carefully consider all of the options available to you before you sign up for a plan. Also worth noting: It is important to continue to have health insurance even if the Affordable Care Act is overturned.
Start with Employer Coverage
One of the first places you should look for health insurance is through your employer. Your employer will likely offer a group plan, which could be a great option. Coverage is likely better, and premiums may be lower than other options.
This may also be a good option if you have children who need health coverage. Some employers will offer health insurance even to part-time employees, so you should check into it even if you are a part-time worker.
Consider Your Parents' Plan
The Affordable Care Act made it possible for people under the age of 26 to stay on their parents’ health insurance. This makes it easier to maintain your coverage while you are in college or just starting out at your first job.
It may be more complicated if you are attending college in a different state, but it is an option that can help you save money. If your parents still have other children on the insurance policy, it may not cost any more for you to stay on the plan.
Check Out Your Health Exchanges
Another option is to look at the exchanges offered through your state. You can find yours at healthcare.gov. This site will link you to the website that your state has set up for you to learn about the different health insurance plans available to you.
These health care plans may be more affordable than you think, since exchanges should have several different plans available to choose from. Keep in mind that most states will offer plans from different insurance providers.
If you are a student with a low income, or if you have children, you may qualify for Medicaid for the Children’s Health Insurance Program offered through your state.
This may be the option for you if you truly cannot afford to purchase health insurance since this option can help you provide insurance for your children. It is important to have health insurance for financial reasons regardless, but even more so if you have children since they tend to get sick more often and have to visit the doctor more frequently.
Consider Other Private Insurance Options
You should also consider other private insurance options. You may be able to find more affordable health insurance options by looking for a plan on your own.
If you are healthy, it is worth talking to individual health insurance companies to see what plans you can apply to. You should look at both traditional and high deductible health insurance plans (HDHP).
Choose the Best Plan for Your Needs
After you look over all of your options, you should consider the best plan for your needs. In short, you need a plan that you can afford that provides the coverage that you need.
If you are healthy, a HDHP may be the better choice. If you are not healthy, you may want to choose a traditional plan that has you pay a co-payment each time you need to see the doctor. If you have children, you may need a plan with lower deductibles since you will likely be visiting the doctor more often.
Take the time to consider all of the options. Be sure to make sure your plan will qualify under the guidelines.
Updated by Rachel Morgan Cautero.