Your Health...Your Wealth

ACA Health Plans

The Affordable Care Act (ACA) is the comprehensive healthcare reform signed into law by President Barack Obama in March 2010. Formally known as the Patient Protection and Affordable Care Act, and often just called Obamacare. Let's take a look at some of the pros and cons.

Pros:

  1. 1
    Although must people can enroll in these plans, ACA plans were created for people with major pre-existing conditions. Major pre-existing conditions are heart disease/stroke, cancer, chronic obstructive pulmonary disease (COPD), diabetes, human immunodeficiency virus (HIV), and substance abuse or for people who need maternity care or invitro fertilization.
  2. 2
    Every legal US resident is eligible for an Obamacare plan.
  3. 3
    There are no medical questions in order to qualify.
  4. 4
    Depending on how a family income compares to the Federal Poverty level, family size, and how much healthcare insurance costs where you live, individuals and families can qualify for a subsidy.

Cons:

  1. 1
    Sometimes there are only few carrier available that offers an Obamacare (which does increase your premium somewhat due to no carrier competition).
  2. 2
    The networks are limited to counties, cities, or specific states. It could happen that If you get sick or hurt out of state, your plan will not cover 100% of your bills.
  3. 3
    Open enrollment is only once a year between November 1 through December 15 but there are specific exeptions where you can enroll at any time.
  4. 4
    Depending on how a family income compares to the Federal Poverty level, family size, and how much healthcare insurance costs where you live, individuals and families can qualify for a subsidy.

Private Insurance

Private insurance has existed for a very long time but they also have their pros and cons. Lets take a look.

Pros:

  1. 1
    Nationwide PPO (excellent coverage for doctors, office visits, hospital stays, surgeries, and prescription drugs)
  2. 2
    Sign up anytime and cancel anytime during the year.
  3. 3
    Multiple carriers options.

Cons:

  1. 1
    High premiums or even no coverage for pre-existing conditions
  2. 2
    No subsidy available. You are on your own and have to pay for the entire premium no matter what your income level is.

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