AFFORDABLE HEALTH CARE ACT
Your cost for a plan is the same whether you purchase it from a licensed agent at MY Health Insurance Shop, directly through a company, or directly through the Marketplace. Purchasing a plan through the Marketplace on your own in our opinion is a very bad idea. The representatives are not licensed, not well trained in the ins and outs of health insurance, and not familiar with your local providers, networks and hospitals.
Health insurance companies can no longer deny you for coverage or claims due to pre-existing conditions. The Federal Government will provide subsidies to help pay premiums and possibly co-pays, deductibles, and other out of pocket expenses.
I have COBRA and it’s too expensive. Can I drop it during Open Enrollment and enroll in a Marketplace plan instead?
During Open Enrollment, you can sign up for a Marketplace plan even if you already have COBRA. You will have to drop your COBRA coverage effective on the date your new Marketplace plan coverage begins. After Open Enrollment ends, however, if you voluntarily drop your COBRA coverage or stop paying premiums, you will not be eligible for a special enrollment opportunity and will have to wait until the next Open Enrollment period. Only exhaustion of your COBRA coverage triggers a special enrollment opportunity.
Who is eligible for Marketplace premium tax credits?
Premium tax credits will be available to U.S. citizens and lawfully present immigrants who purchase coverage in the Marketplace and who have income between 100% and 400% of the federal poverty level. Premium tax credits are also available to lawfully residing immigrants with incomes below 100 percent of the poverty line who are not eligible for Medicaid because of their immigration status. (Generally, immigrants must lawfully reside in the U.S. for five years before they can become eligible for Medicaid.)
In addition, to be eligible for the premium tax credits, individuals must not be eligible for public coverage—including Medicaid, the Children's Health Insurance Program, Medicare, or military coverage—and must not have access to health insurance through an employer. (There is an exception in cases when the employer plan is unaffordable because the employee share of the premium exceeds 9.56% of the employee's income in 2015. There is also an exception in cases where the employer plan doesn’t provide a minimum level of coverage.)
If you want to sign up for an Obamacare health insurance plan, feel free to call 215-960-9300 email, or request a quote!