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The terminology of health care has changed with the institution of the Affordable Care Act (ACA). We help our clients determine whether they should be obtaining their health coverage "On the Exchange" or "Off the Exchange". Those individuals and families that qualify for an ACA subsidy, or coupon, will register for their insurance "ON" the exchange. If an individual or family does not meet the requirements to obtain a subsidy then they have the options to obtain coverage "OFF" of the exchange. We liken it to different check-out lanes at the grocery store. We customize each plan for our clients and help them check out in the appropriate lane.
The Affordable Care Act (aka Obamacare) is a US law aimed at reforming the American Health care system. The main focus is to provide more Americans with access to affordable health insurance, improving the quality of health care and health care insurance, regulating the health industry, and reducing health care spending.
It also created the federally regulated Health Insurance Marketplace where Americans can purchase standardized health insurance during an open enrollment period. It also has provisions to help those with a lower income obtain a federally funded subsidy, helping to reduce health insurance premiums for those that qualify. A subsidized plan can cost anywhere from 0% - 9.5% of their Adjusted Gross Income.
All American citizens need to have a qualified health insurance plan for 2015 and beyond. Those that do not may be subject to pay a monthly fee on their year-end federal income taxes for every they go without coverage. The type of coverage that you need to help avoid the fee is called minimum essential coverage. This can only be obtained during an open enrollment period, special enrollment period or due to a qualifying life event. For information on these topics please click on a link below that will open a window directly from the Healthcare.gov website to help answer your questions. If you wish to forgo the research that is what we at the Insurance Consultants of Florida do for you!