Trade in Obamacare will reopen on Monday. You may be eligible for a free or discounted plan
If you're one of the millions across the country with no health insurance coverage, you might be able to fix it quickly.
A special enrollment period to get a plan through the Federal Affordable Care Act Health Exchange (or your state's exchange if there is one) opens Monday and ends May 15. The reopening, authorized last month by an executive order from President Joe Biden, is part of the government's effort to affordably expand coverage to more individuals and families.
"If you're not insured, chances are you'll get free or low-cost coverage," says Cynthia Cox, vice president of the Kaiser Family Foundation and director of the ACA program.
"A lot of people can get Medicaid or a free subscription to the scholarship," Cox said.
Before the pandemic, about 30 million people already had no coverage, a number that tends to rise over several years. In addition, an estimated 2-3 million workers lost their employer health plans between March and September, according to the Kaiser Family Foundation.
Most market registrants receive subsidies (technical tax credits), which means they pay less in premiums. In addition, they may be eligible for support for other cost-sharing, such as deductibles.
According to Kaiser, an estimated 4 million uninsured people could get a plan through the exchange without paying premiums, and another 4.9 million could receive subsidies to reduce the cost of such a plan.
Biden is also pushing for subsidies to be increased as part of the next economic emergency plan Congress is working on. While the current level of aid can lower the cost of a plan through trade-ins, 45% of people who reviewed it said the cost was higher than expected, according to a recent survey by personal finance ValuePenguin.com.
The average national unsubsidized premium for a "cash" plan through the ACA exchange is $462 per month, according to ehealthinsurance.com. However, this amount varies from place to place, and if you were eligible for grants, you would pay less.
Bonuses are given to families with incomes ranging from 100% to 400% of the federal poverty line, depending on the size of the household. This translates into an income of $ 12,760 to $ 51,040. For a family of four, that would be $ 26,200 to $ 104,800.
Meanwhile, in states that have extended Medicaid, you may be eligible for program coverage if your income does not exceed 138% of the federal poverty line. For an individual, that would mean up to $ 17,609; for a family of four, $ 36,156. It should also be noted that if you are eligible for Medicaid, you can apply at any time.
The best place to start if you're new to this is Healthcare.gov, where you can create an account and explore your plan options. Or, if your state has its own health care exchange, the federal site will direct you there.
If you want to view storefronts without creating an account, there is a tool on the Federal Stock Exchange (or your state site) that allows you to enter general information about yourself, including your income and the number of dependents.
In all cases, your eligibility for financial assistance is calculated, whether through Medicaid or through premium grants. Additionally, your children may be eligible for the Children's Medicare Program, or CHIP, even if you qualify for market coverage.
"Exchanges are designed to be a one-stop-shop," Cox said. "You enter information, and it tells you what you are entitled to. "
Trade-in Obamacare will reopen on Monday. You may be eligible for a free or discounted plan by ITI190 - Insurance Top Info 190.