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As Obamacare in Hunters Creek, FL advisors, we know that The Patient Protection and Affordable Care Act (PPACA) commonly referred to as Obamacare is a reform introduced by the former US President Barack Obama in 2010. The reform is aimed to improve the health insurance in the US. The reform was officially enacted into law on 23 March 2010 which is when it became a reality for millions of Americans.  The main goal of Obamacare in Hunters Creek, FL was to ensure access to affordable healthcare to citizens of the United States of America.

Call Us At 407-344-1228 Or Email Us At [email protected]To Schedule Your FREE Obamacare Or Any Other Insurance Consultation You May Need.

However, this act was not enforced immediately after it was introduced. This was to give the citizens a reasonable amount of time to digest the changes that were being introduced and understand how it would affect them.

It was formally implemented in the year 2014. Although Obamacare in Hunters Creek, FL has been labeled as highly controversial and has been hotly debated in the mainstream media, it still needs to be understood by most people. The public should be aware of its widespread implications for their healthcare plans and if the changes are even applicable to them.

Not to mention that you also need to account for changes made by the Trump administration after coming into power. Despite widespread opposition to Obamacare in Hunters Creek, FL, it is still majorly intact except for a few changes.

The Aspect that Everyone Should know About

One aspect of Obamacare in Hunters Creek, FL which everyone should know about is whether you are eligible for the subsidies that the reform is giving or not. The structure of the affordable care act’s premium subsidies also referred to as premium tax credits are largely unchanged since its commencement. Even though the total amount of subsidies forked out are larger than ever before it does not affect the average consumer much. This is mostly because the cost of health insurance has also significantly risen and the subsidies are similar in proportion to the total cost because they have been designed that way.

The Significance of Subsidies for an Individual

There are four categories of health insurance plans available on the state exchange website. We will discuss the impact on the silver category after Trump administration bought in new changes. The new administration stopped funding cost-sharing reductions in 2017. This made silver plans significantly more expensive and subsequently made the subsidized premiums even larger. The subsidized premiums are even bigger in 2019 than in 2018.

These increased subsidies played a huge role in offsetting the high costs of health care premiums for many people. The subsidies are so large that some subscribers can even get free bronze plans or gold plans which are obviously cheaper than silver plans.

Approximately 8.9 million  (mid 2018) are benefitting from the premium subsidies. For these people, premium subsidies consisted of nearly 87% of the total cost that they had to pay in premiums. So after subsidy, they only had to pay around $76 rather than a colossal $596 per month. This a significant chunk of savings that these people are benefitting from because of being entitled to these subsidies.

Despite a steady increase in awareness about these premium subsidies, most people are still not sure of whether they are eligible for these subsidies or not. Well, if you are one of those then this article might be of use to you. Below we outline the various criterions for eligibility of these subsidies and what they should expect.

The Basic Criteria

You might be wondering what type of criteria those 8.9 million people checked in 2018 to be eligible for these premium subsidies. The basic eligibility is determined on the basis of income. You should earn at least 100 percent of the federal poverty level. This percentage shoots up to 139 in states that have expanded Medicaid. The cap is put at people who earn more than 400 percent of the federal poverty level.  But there are multiple other conditions that we will discuss ahead.

Access to Employer Funded Coverage

This is a condition that will affect a lot of people so pay attention. If you have a job and your employer provides access to health insurance coverage then you might not be eligible for the subsidies. This depends on whether the access the employer provides is considered affordable and provides minimum value, the scope of which is defined in the affordable care act. So check if the coverage you are receiving from your employer meets these criteria and if they do, then you will not be eligible for the premium subsidies.

Also, note that this affordability test only applies to the employees and not their children. So if the coverage that you receive for your children is not affordable or does not provide minimum value then they are still not eligible for the premium subsidies given in Obamacare in Hunters Creek, FL. This is a huge problem in the reform of Obamacare in Hunters Creek, FLand is referred to as the family glitch. In other words, your children cannot take advantage of the premium subsidies provided in Obamacare in Hunters Creek, FL because the scope of affordability has not been expanded to include them.

The reason for this condition is that if your employer is already providing this affordable coverage then you are effectively already receiving a subsidy from your employer because you are availing pre-tax health insurance benefits and an employer contribution to your premiums. Obamacare in Hunters Creek, FL offers subsidies and benefits to those who are self-employed, unemployed and employees who work for a business that does not provide them with health insurance coverage.

 Access to Medicaid or CHIP

In addition to the above conditions, premium subsidies are also not available to citizens who are already eligible for Medicaid or CHIP (Children’s Health Insurance Program). This is because these programs already provide more financial benefits than premium subsidies.

CHIP is available to even more people than Medicaid. Children in households who have 200 percent of the Federal Poverty Level income are eligible for CHIP in nearly every state and some states even allow households with 300 percent income.

So if the children in your household are eligible for CHIP then they are subsequently not eligible for premium subsidies. This means even if you are eligible your kids might not be eligible by virtue of being eligible for CHIP.

Age

There is no upper cap on the age to be eligible for premium subsidies. But some people might become ineligible once they turn 65 by virtue of being eligible for premium-free Medicare Part A. Unless such people reject Medicare part A and thereby also reject their social security benefits, then they can be eligible for premium subsidies but one is unlikely to do that.

Keep in mind that some people who turn 65 might not be eligible for premium-free Medicare Part A because they don’t have sufficient work history in the US. Such people can continue to avail the premium subsidies if their incomes are enough to make them eligible.

Immigrants

Illegal immigrants don’t have the luxury of benefitting from premium subsidies even if they are below the poverty level. However, they are available for immigrants that have entered the US legally. So being a citizen is not necessary for availing the premium subsidies. Surprisingly, immigrants whose incomes are below the poverty level are eligible for premium subsidies despite the fact that they are not available for citizens with incomes below the poverty line.

Part of the reason for this is that immigrants are not eligible for Medicaid if they have not been in the US for at least 5 years. When the affordable care act was being designed it was expected that Medicaid would cover every citizen living below the poverty line. But as we will see below, this isn’t the case.

 The Medicaid Gap

Premium subsidies, as discussed above, are not available for people living below the poverty line. This was because Medicaid was expected to cater to this population but 2 years after the law commenced, the Supreme Court ruled that states could not be forced to provide coverage to those living below the poverty line.

As a result, people living below the poverty line were deprived of both opportunities to avail affordable health insurance. Moreover, people who are currently ineligible for Medicaid are not only people who live below the poverty line but others also who cannot fulfill the strict criteria for Medicaid of some states. This group is also not eligible for premium subsidies because it is only for those living above the poverty line.

Income Cap

As mentioned earlier, the premium subsidies are not available for people who have income above 400 percent of the Federal Poverty Line. This was because lawmakers thought that these people could easily afford healthcare through their income but that has not been the case. People who have incomes just above 400 percent of the Federal Poverty Level are paying premiums which constitute almost 25 percent of their household income which is very unaffordable.

So if you think that you fit the criterion discussed above then you can avail the premium subsidies and enjoy access to affordable healthcare.

Call Us At 407-344-1228 Or Email Us At [email protected]To Schedule Your FREE Obamacare Or Any Other Insurance Consultation You May Need.


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