In 2010, the Obama administration created a new health insurance reform plan called The Patient Protection and Affordable Care Act, so-called ObamaCare, in the name of national health insurance. Since then, it has been implemented in earnest from January 2014, and has been playing the role of protecting the health of many Americans for the past 9 years through numerous trials and errors.
# Enrollment without discrimination
The basic principle is to eliminate the condition that allows people to refuse to purchase insurance due to an existing medical history or other reasons, and to allow all citizens to purchase insurance under equal conditions and at low prices. In other words, anyone can purchase insurance on equal terms.
Anyone with a legal status of residence (visa, permanent residence, citizenship, etc.) can join. You can understand ObamaCare as a health insurance system for low- and middle-income people under the age of 64 who cannot usually purchase insurance through their workplace.
Meanwhile, the average senior citizen over the age of 65 living in the United States receives health care through Medicare. However, if you are 65 or older and are not eligible for Medicare and Medicaid, you can purchase insurance through ObamaCare until you become eligible for Medicare. (For low-income individuals and families, is provided.)
When you purchase insurance through #government subsidized
Obamacare, you will receive insurance credits provided by the government based on three conditions: region, family size, and income. In other words, a certain portion of the monthly insurance premiums to be paid are supported by the government.
Since this subsidy is paid based on the expected income for the year in which you receive insurance benefits, the difference is calculated by comparing the expected income entered when filing your federal tax return for the following year. Income here is based on Modified Adjusted Gross Income (MAGI), called Adjusted Gross Income. In order to receive government subsidy, insurance must be purchased through an insurance brokerage exchange (Marketplace) operated by the government.
In addition, depending on the household income, you can receive additional medical expenses discount subsidy (Cost Sharing Reduction). #In order to achieve national health insurance before the
fine , in the early days of Obamacare, a fine was imposed for non-compliance even though it was compulsory.
Since 2019, most states, including Virginia and Maryland, have repealed the mandatory enrollment clause, which no longer imposes penalties on non-members.
As of 2022, five states, including Washington, DC, still impose fines.
# Subscription period
Although it varies slightly from state to state, you can usually purchase coverage for the following year during the open enrollment period between November and December. This period gives you the freedom to purchase and compare insurance, and also allows existing insurers to update their expected income for next year, and to check and change their current insurance.
You can enroll year-round under special conditions (moving out of state, change of immigration status, termination of employment insurance, change of family member, termination of Medicaid).