Obamacare Open Enrollment 2020

The national health insurance open enrollment period, also known as Obamacare coverage or ACA, starts tomorrow. Are you ready? This is the yearly period when you can purchase health coverage for 2020 or change your 2019 health plan.

What is Obamacare?

Obamacare is the Patient Protection and Affordable Care Act of 2010 (ACA), which makes healthcare more affordable by lowering the costs for those who can’t afford health coverage. It has been so far the most comprehensive piece of legislation since the Social Security Act of 1935.  President Barack Obama signed it into law back on March 23, 2010, but the major provisions came into force in 2014. By 2016, 20 to 24 million people were covered, helping the uninsured rate to drop significantly.

Benefits of Obamacare

Obamacare makes health insurance more affordable for many people. ACA prevents insurers from making irrational increases. It’s not free, but you have a lot of options. Also, individuals with health conditions can’t be denied coverage under ACA – insurance companies can’t set limits on the coverage they receive for a chronic health problem. More screenings and preventive services are covered, which usually have low copays and deductibles. Prescription drugs are more affordable. However, if a drug is not on the list, you will end up paying the full cost.

Obamacare Costs

The main goal of the ACA is to lower the costs of healthcare in the United States. At first, they required everyone to have health insurance for nine months or they will be taxed. Consequently, even healthier young individuals paid high premiums although they didn’t need insurance as much – this offset the costs a bit for those who needed it. Congress repealed the tax, effective 2019, which also made it more difficult to lower health costs. But ACA premiums are set to drop in 2020 – the lowest average premium increase for Obamacare.

Obamacare prevented companies from excluding people based on pre-existing conditions and gender discrimination – everyone could afford going to go to the doctor before their symptoms got worse. ACA allowed individuals to afford preventive care, so there are fewer hospital visits and the costs of healthcare are also much less.

Obamacare Open Enrollment Period

The Obamacare Open Enrollment Period starts November 1st, 2019 and ends December 15th, 2019 except for some states that may have extended open enrollment periods. These states don’t use the federal marketplace, but rather have their own state-run marketplaces.

Qualifying Life Events Under Obamacare

In order to purchase an Obamacare Plan, you will have to do so during open enrollment. However, it’s difficult to purchase ACA-compliant health insurance outside Open Enrollment unless you have experienced a qualifying life event, such as having a baby, losing a job, and moving out, a change in citizenship status, or losing coverage, which generally occurs due to marriage, divorce, or when you turn 26 and can no longer receive coverage through your parents.

In most states, you have 60 days after the date that prompted the eligible life event. This period is also known as a Special Enrollment Period. If you have experienced a qualifying life event, you may be able to purchase coverage outside the Obamacare Open Enrollment.

Let Us Help You

Finding the right coverage for you and your loved ones can be a daunting process as each state has its cons and pros with the costs can varying based on premiums, deductibles, and co-pays. Also, the ACA is subject to change every year just as much insurance coverage out there.

Calling an agent is always a good idea. One of our licensed agents can help you make the right health coverage decisions that will impact your health for 2020. Request a quote from Insurance Line One today!

Sources
  • https://www.healthcare.gov/quick-guide/dates-and-deadlines/

  • https://www.healthcare.gov/apply-and-enroll/get-ready-to-apply/

  • https://www.hhs.gov/healthcare/about-the-aca/index.html

  • https://www.irs.gov/government-entities/federal-state-local-governments/affordable-care-act-aca-information-for-government-entities

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