Affordable Health Insurance Options
Affordable health insurance options can be availed through the Affordable Care Act (ACA) which helps individuals or family members to get access to essential health insurance benefits without the help of employers.
Such health-insurance coverage gives provisions and extends help to many uninsured Americans.
What is Affordable Care Act (ACA)?
- The Affordable Care Act (ACA) is a healthcare benefit plan that was signed into law by President Barack Obama on March 23, 2010.
- It was formerly known as the Patient Protection and Affordable Care Act and Obamacare.
- It expanded Medicaid eligibility and prevents the insurance companies from rejecting coverage if there are any pre-existing health conditions.
- Families with lower income can also qualify for some savings on such health insurance plans with the help of premium tax credits and cost-sharing reductions
All ACA-compliant health insurance plans should cover some specific essential health benefits including the following:
- All ACA-compliant health insurance plans should cover some specific essential health benefits including the following:
- Emergency services
- Prescribed medications
- Chronic disease management
- Maternity care
- Mental health
- Pediatric services
- Family planning
How to Buy Affordable Health Insurance for 2021?
For 2021, open enrollment has ended, but due to the Covid-19 pandemic situation, there may be some allowance for the residents in some states to enroll in ACA-compliant coverage. Consumers can enroll in ACA-complaint coverage with the help of an exchange or off-exchange taking assistance from agents or brokers. Many who are unable to afford ACA-compliant coverage may buy the short-term coverage that helps temporarily.
Health Insurance Rate and Premiums:
The following are the monthly and annual health insurance rates state-wise:
Comparison of Health Insurance Rates:
The following are some of the health insurance policies that will be implemented by the next year by insurers offering plans through NY State of Health:
Rate of increase/decrease
Capital District Physicians’ Health Plan (CDPHP)
The Affordable Care Act (ACA) helps to lower costs for individuals and families with many essential health benefits. With the help of this act, millions of people of the United States can opt for health insurance coverage at affordable rates.
Affordable Care Act Health Insurance for Those Who have Lost Jobs in Pandemic Situations
- The Covid-19 pandemic situation has resulted in job losses and due to that more than 5 million American workers between February and May have lost health insurance coverage
- This year has a record number of Americans becoming uninsured due to job losses
- The percentage of losing insurance is even higher than that occurred during the 2008 -2009 recession period when 3.9 million people lost insurance
- Uninsured individuals may have a high risk of facing staggering cost if they are struck by Covid-19 disease
- COBRA is one of the options to maintain health insurance coverage. However, the Affordable Care Act (ACA) allows a cheaper option.
How bad is the situation?
- According to Kaiser Family Foundation analysis, 26.8 million people could become uninsured due to job losses
- Robert Wood Johnson Foundation estimated that in 2020, 10.1 million people will no longer avail employer-sponsored health insurance coverage because of job loss in this pandemic period
- Johns Hopkins University estimated that more than 1.3 million U.S. people had tested positive for COVID-19 and 82,000 died in May, 2020
- 26 million people filed unemployment claims in a span of five-week ending April 18 with the U.S. Department of Labor
What You Must Know About Health Insurance
Everybody, whether they’re young or old, likes to be in the best of health. Ironically, good health is a rare phenomenon today. Whether it is an increased rate of disease occurrence or escalated frequency of accidents, people do have different factors to fear. And this is where the concept of health insurance creeps in. Today, health insurance products are freely available all over the world through countless providers and companies. But deciding on the right insurance policy is not as easy as it sounds. To do that one needs to know the basics of health insurance. In fact, the very first thing that a prospective policyholder must do is learn about the different types of insurance. Here’s a quick checklist for newbies and also ones who desire to know more -
Fee-for-Service Health Insurance
The fee-for-service health insurance is the most basic kind you will come across. In this category, one pays a certain fee every time he or she visits the doctor. It is a mutual agreement by which the doctor agrees to offer services to an individual against a pre-determined fee. However, it is the individual who chooses the doctor of his preference according to his or her convenience. Either the patient or the provider files the claim for this kind of health insurance.
Managed Care Health Insurance
This is the type of insurance that most Americans opt for today. Managed care insurance comprises three distinctive segments that aim to make health insurance not only cost-effective but also qualitatively superior. These segments comprise the Preferred Provider Organization (PPO) insurance, Health Maintenance Organization (HMO) insurance and Point of Service (POS) insurance. In a PPO plan managed care is offered by a network of hospitals and doctors that charges a lesser fee against the services they offer. Opting for services outside the given network often results in an increase in cost-sharing. PPO plans usually provide policyholders with a lot of flexibility.
The Health Maintenance Organization (HMO)
The Health Maintenance Organization (HMO) form of insurance is one that has existed for decades in the managed care category. This is a pre-paid type of insurance where specialized services like preventive care are provided against a pre-determined fee. An HMO can be a Group Model or an Individual Practice Association. In the former, participating doctors are attached to the health plan in question as employees and policyholders have to visit particular medical centers to avail the services. In an Individual Practice Association HMO, practicing doctors are not from within the network and members need to visit them at their private offices.
Point of Service (POS)
Point of Service (POS) insurance is a part of the HMO concept. In this case, though, the procedure is different in the sense that one can have the choice to consult a doctor outside the provided network. Initially in a POS plan one has to opt for a doctor within the network and it is only after he gives a referral, can the policyholder move on to a doctor outside the circle.