Jacob Dybala October 27, 2015 No Comments

FAQ: Health Insurance Under the Affordable Care Act

If you don’t receive health insurance through your employer, you can get coverage under the Affordable Care Act.

ACA LogoHere are some helpful tips to guide you through the process.

Q: Does the Affordable Care Act really mandate that I get health insurance?

Yes! The penalty for not obtaining acceptable health insurance coverage is being phased in over a three-year period, and is the greater of two amounts—the “flat dollar amount” and “percentage of income amount.” For purposes of calculating the penalty, income is the taxpayer’s household income minus the taxpayer’s exemption (or exemptions
for a married couple) and standard deductions.

In 2016 and thereafter, the penalty is $695 or up to 2.5 percent of income.

Q: Where do I buy health insurance? Do I qualify for help through the Affordable Care Act?

Just point your web browser to Healthcare.gov or Getcoveredillinois.gov to browse available plans and to see if you qualify for federal subsidies under the Affordable Care Act. Additionally, you may want to review Healthcare.gov’s One-Page Guide To The Health Insurance Marketplace for answers to common questions and to understand the process.

Q: Can I designate Snyder Insurance as my insurance broker?

Yes! If you purchase insurance through Healthcare.gov, just specify our National Producer Number during signup. Our number is 291895.

Q: Do I have to purchase my policy online?

No. If you prefer to handle enrollment over the phone, or have questions, you can reach Healthcare.gov representatives 24-hours a day at 1-800-318-2596. For the Illinois State Exchange call (866) 311-1119 Monday-Saturday from 8:00 a.m. – 8:00 p.m.

Q: Can’t I just get health insurance through Snyder Insurance?

Yes! If you have questions about the Affordable Care Act or would like us to handle your enrollment, please contact a member of Snyder’s health insurance team at (630) 960-4848.

Q: I signed up last year. Can’t I just keep my current policy?

Yes. If you’re happy with your current policy, you don’t need to enroll again, because your policy will automatically renew. However, more insurance brokerages registered with Healthcare.gov over the last year, and new providers may be able to offer you a better premium. Your best bet is to use the coverage pricing wizard on Healthcare.gov to browse plan pricing for your zip code.

Important Note! You should also make sure to cancel your existing policy after signing up for a new policy, or you might be billed for both plans. Be sure to keep all of your existing and new policy information and monitor your credit card statements to guard against any discrepancies that might occur.

Q: Will I qualify for a tax credit to subsidize my health insurance premiums?

Maybe. Tax credits are based upon your estimate of your expected household income for 2016, and may lower your monthly insurance bill (or “premium”). If at the end of the year you’ve taken more advance payments of the premium tax credit than you’re due based on your final income, you must repay the excess with your 2016 federal tax return. If you’ve taken less advance payments than you qualify for, you’ll get the difference when you file your taxes.Tax credit subsidies are based upon your income.

Visit Healthcare.gov to see if you qualify for assistance.

Q: Once I sign up, all all of my medical costs and doctor’s visits covered by my premium?

No. Your monthly premium is only one part of your financial obligation under your chosen policy. You will still pay out-of-pocket for office visit co-pays, as well as out of network services and the deductible specified under your plan. The Affordable Care Act places a cap for out-of-pocket costs of $6,850 for individual policies and $13,700 for a family policy in 2016. To learn more about out-of-pocket costs and ways to lower them, see Healthcare.gov’s overview and video.