ObamaCare and the Insurance Exchanges

Individual Life InsuranceThe Patient Protection and Affordable Care Act (PPACA) were signed into law on March 23, 2010 and were amended by the Health Care and Education Reconciliation Act on March 30, 2010. The “Affordable Care Act (ACA)” is used to refer to the final, amended version of the law. The health reform legislation enacted significant changes in how Americans will purchase and utilize health insurance and health care for the next decade. This legislation also referred to as ObamaCare will affect everyone – individuals and businesses – and has significant impact on how all of us manage our health, our finances and our businesses.

QuoteBroker has been providing health insurance products to individual, families businesses for nearly 3 decades. Our experience and expertise provides us with the unique perspective and ability to determine effective ways to continue to provide individuals and businesses with the best healthcare products at the best price. QuoteBroker employs Certified Covered California agents to answer your health insurance exchange and insurance premium subsidy questions.

Health Insurance Exchange

Exchanges allow individuals, families and small businesses shop for affordable healthcare plan offered by insurance companies that are participating in the State or Federal Exchange. Exchanges are being established on a state-by state basis. In California the exchange name is Covered California, the California Health Insurance Exchange. In the Exchange, individuals may be eligible to qualify for a government “Obamacare Subsidy” to help pay for their insurance or enroll in a non-subsidized plan when they don’t. States have the flexibility to make the group size maximum 50 employees for 2014-2015, and then increase to 100 in 2016. You do not need to go directly to an exchange to buy health insurance as QuoteBroker employs Certified Covered California agents to help you enroll in the exchange.

Do Individuals have to purchase insurance?

In 2015, the penalty increases to $325 or 2% of taxable income (whichever is greater). In 2016 the penalty is $695 or 2.5% of taxable income. In 2017 and thereafter, the penalty will be increased annually by the cost-of-living adjustment.

What is the difference between private and Public Exchanges?

Private health exchanges – operated by insurance brokers or insurance companies – give employers another way to shop for a variety of medical plans as well as supplemental insurance products like life, disability, dental and vision plans. These online portals make it easy to compare plans, shop for the best rates and even enroll. Private exchanges often include benefit support services such as assistance from licensed brokers to help with administrative tasks like enrollment and renewal. Private health exchanges also make it easy for businesses to expand employee benefits and offer additional health coverage not included in most major medical plans like dental coverage, vision exams, chiropractic services and even life insurance, in a one-stop shop without a lot of administrative work.

Essential Health Benefits required by Obama Care

Each health insurance plan plan must provide coverage for a set of minimum Essential Health Benefits, which will include items and services in the following ten categories:

  • Outpatient services
  • Emergency services
  • Hospitalization
  • Maternity and newborn care
  • Mental health and substance use disorder services
  • Prescription drugs
  • Rehabilitative and facilitative services and devices
  • Laboratory services
  • Preventive, wellness and chronic disease services
  • Pediatric services, including oral and vision care

Links:

What is Healthcare Reform and FAQ
Covered California Exchange Basics
ObamaCare Health Insurance Subsidy Program

October 22nd, 2015 by QuoteBroker Insurance Services