The Affordable Care Act, very often called Obamacare, is a healthcare reform that’s designed to be a comprehensive effort in extending healthcare to all.
As an overview, it’ll help you to know that the ACA was created with three overall goals:
To make healthcare more affordable and available to a wider range of citizens. So, for someone who qualifies and applies, you get subsidies (premium tax credits) if your household income is within a specified range.
Make Medicaid more accessible by including adults whose incomes are within a specified range of the Federal Poverty Level.
Support and nurture more creative ways of delivering healthcare to citizens on a more affordable level.
Enrollment for overall Marketplace Plans takes November 1 through December 15. Normally, the plans become effective January 1. There may be extensions made to the period on some occasions.
This phase is known as the open enrollment period. And it’s open to anyone who qualifies for the ACA.
If you miss the open enrollment, they offer a special window of opportunity for citizens who may have recently experienced specific changes in life.
Some examples of qualifying life events include: loosing credible insurance coverage, getting married or divorce, having or adopting a baby, and moving.
You may also qualify for a special enrollment period if your income falls at or below 150% FPL
Subsidies
The ACA offers you a form of premium tax credit or subsidies, which are calculated based on a few parameters:
Your household income
The benchmark plan's list price.
What you're required to pay for health insurance.
Coverage
The ACA can cover:
Preventive care and Emergency care
In-patient hospitalization or out-patient care (when not admitted).
Pregnancy and pediatrics.
Substance-abuse treatments and mental health issues.
Laboratory services
Ancillary products is almost like an umbrella term that can mean a variety of secondary insurance plans that support and supplement your primary plan. A primary plan may cover basic areas like in-patient services or out-patient visits. But they can leave you financially vulnerable in out of pocket expenses.
These additional plans can provide that crucial boost to make your primary plan more comprehensive and overall affordable.
Here are some areas where you can take advantage of ancillary products
Medical Indemnity
Medical indemnity provides a lump sum payment for medical services received, often times despite coverage from your primary plan. This plan can help you cover costs of deductibles, copays and coinsurance within you plan and helps to reduce your total out of pocket responsibility. * I do not recommend having a medical indemnity plan as you medical plan.
Critical Illnesses
In the event of a critical diagnosis or event such as cancer, heart attack or stroke, there may be expensive medical treatments and other costs during recovery that may fall outside of the scope of your primary medical insurance. Ancillary products can enhance whatever insurance plan you already have and handle some of these costs.
Dental, Vision, Hearing Conditions
These sensory conditions can often creep up on seniors and older individuals, but young people aren't completely risk-free either.
Some dental procedure can cost thousands of dollars.
Ancillary insurance may cover the cost of eyeglasses, dental procedures, diagnosis of hearing loss, etc.
Hospital Indemnity Plan
Services received in a hospital can be expensive, even with some medical plans. With a hospital indemnity plan, you pay a small monthly premium to help cover the costs your medical plan leaves you as well as any other expenses you may incur if you are hospitalized. These expenses could include care of a pet or loved one and general upkeep of your residence in your absence.
Home Health
Professional in home healthcare can be costly in some plans while personal healthcare is not covered at all in most medical plans. Home Health plans can offer money to cover the cost of someone to come into your home for help with things like bathing, food preparation, laundry, and companion care. These services can keep you in your home longer and relieve the burden of your family and friend in the event that you need this help for a short period of time.
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