Orland Park, Illinois (PRWEB) October 08, 2013
“Under Obamacare, obtaining health insurance as we know it has dramatically changed. When key parts of the healthcare act take effect in 2014, there will be a new way to buy health insurance; the Health Insurance Marketplace,” began Bill Hallberg, Chief Enrollment Officer, ACA Marketplace Enrollment Solutions.
Before enrolling in a plan, it is important for consumers to understand the process and health care choices including their eligibility for tax credits and cost saving reductions. ACA Marketplace Enrollment Solutions provides a team of multi-lingual health insurance professionals prepared to explain and enroll clients in the plan that meets the client’s unique needs. The company’s website, http://www.ACAenroll.com, will quote all carriers in the Marketplace and enroll individuals and families on line.
ACA Marketplace Enrollment Solutions outlines some important facts consumers should be aware of.
FACT: When you apply for coverage in the Health Insurance Marketplace, you’ll need to provide some information about you and your household, including income, any insurance you currently have, and some additional items.
It is suggested enrollees have: social security numbers (or documents numbers for legal immigrants); employer and income information for every member of your household who needs coverage; and policy numbers of current health insurance plans.
FACT: Even with a pre-existing medical condition, I am eligible for health insurance and cannot be denied coverage.
Under Obamacare, health insurance companies cannot exclude a consumer if they have a pre-existing medical condition, even if the condition is severe like cancer or metabolic medical conditions.
FACT: Based on a consumer’s income and family size they may be eligible for government subsidies or tax credits.
Some consumers may be eligible for a free or low cost plan, or a new kind of tax credit that lowers their monthly premiums right away. All income eligibility is based on modified adjusted gross income. The tax credits are set up so the consumer will not have to pay more than a certain percentage of their income.
Family Income Ranges For Financial Assistance:
Family of 2 $15,510-$62,040
Family of 3 $19,530-$78,120
Family of 4 $23,550-$94,200
Family of 5 $27,570-$110,280
Family of 6 $31,590-$126,360
FACT: The premium subsidies are delivered in the form of a refundable tax credit, which can be used immediately to reduce monthly premiums. These government healthcare subsidies will affect a consumer’s taxes.
Consumers have options as to how they can use the subsidies they qualify for. For example, they can use it all right away, or can use part of it, or none at all. If they expect their income to remain the same, they might use the entire credit. However, if they project that their income is likely to rise, it may pay to use only a portion of the subsidy. This will help to avoid paying additional taxes to the I.R.S. at tax time.
During the year if a consumer’s income does change, they must report it to the exchange. In the same token if their income drops, they may be eligible for a larger credit. Changes in family size should also be reported. Tax reconciliations will take place during taxes in the spring of 2015.
FACT: Seeking out insurance professionals that have been certified in the Health Insurance Marketplace Exchange before enrolling in a plan is beneficial.
Agents certified on the Marketplace Exchange possess extensive knowledge on the enrollment process. Additionally, these certified agents help calculate subsidies and explain how deductibles, out-of-pocket maximums and co-payments work under Obamacare.
FACT: If a consumer who can afford health insurance does not purchase coverage during the enrollment period, they will be subject to a government fine. They will also have to pay for their entire healthcare.
The fee in 2014 is 1% of a consumer’s yearly income, or $95 per person for the year, whichever is higher. The fee increases every year. After open enrollment ends on March 31, 2014, consumers will not be able to get health coverage through the Marketplace until the next annual enrollment period, unless they have a qualifying life event.
About ACA Marketplace Enrollment Solutions:
Headquartered in Bedford Park, Illinois, ACA Marketplace Enrollment Solutions is a Health Insurance Marketplace enrollment provider created to assist subsidy eligible individuals and part time employees to obtain health insurance throughout the country. Beginning October 1, 2013, ACAenroll.com and the company’s call center (1-800-342-0631) and numerous locations, will be able to assist the enrollees through the enrollment process. Go to ACAenroll.com or contact 1-800-342-0631 for more information.