Is the Affordable Care Act really affordable for everyone?

Let’s talk about marketplace plans, aka “The Affordable Care Act” or “ACA” aka “Obamacare”. Let's discuss what these marketplace plans are and what they are not.

The marketplace was originally designed in 2010 to provide affordable healthcare to all; you do not need to have a high income or perfect health to qualify. The marketplace offers many heath insurance companies to people with or without pre-existing health conditions. These companies cannot refuse to cover you or charge you more based on your health or if you have a pre-existing condition, that is, a health problem you had before the date the new health coverage started. It also provides the opportunity to be eligible for tax credits and subsidies based on your income and household size to help make insurance more affordable. 

Marketplace plans are great in many aspects, but weak in others. Where insurance can be frustrating is the price of premiums, affordable or not, based on the coverage benefits. There are a lot of "metal tiers" in every company that differs in networks, benefits, and pricing. Some plans may be phenomenal in your city or state but anywhere outside of that coverage area you get zero or limited network benefits. Some plans may cover a critical illness above and beyond, some may cap you off at a certain amount. Some plans are fairly inexpensive and provide wellness benefits but provide nothing in the event of an accident or critical illness. Some plans provide co-pays to doctor visits, whereas some do not pay anything until you have met your deductible. It is important to pay very close attention to your deductible, co-insurance, co-pays, etc. It may say there is a $5,000 deductible, but really means more out of pocket expenses before the insurance company pitches in their portion. 

There is a lot of fine print to ALL insurance companies and their plans. That is why it is essential to locate an agent who not only knows and understands what you are signing up for but who will be transparent and honest with advising that plan or not. You do not have to search for a new health care plan on your own; trust me, it can be overwhelming!