The Affordable Care Act and Your Health Insurance Options

The Affordable Care Act (ACA), also known as Obamacare, is a health insurance reform law that was signed into law in 2010. The ACA has made health insurance more affordable and accessible for millions of Americans. With the ACA, you can get health insurance through your employer, through a government program, or through the Health Insurance Marketplace.

If you are considering leaving your job to start your own business, it is important to understand how the ACA will affect your health insurance options.

Health Insurance Through Your Employer

If you are currently getting health insurance through your employer, you may be able to continue your coverage through COBRA if you lose your job. COBRA is a federal law that allows you to continue your employer-sponsored health insurance for up to 18 months after you lose your job. However, COBRA can be expensive, so it is important to compare your COBRA costs to the cost of other health insurance options.

Health Insurance Through a Government Program

If you are not eligible for health insurance through your employer or COBRA, you may be able to get health insurance through a government program. There are a number of government programs that provide health insurance to low-income individuals and families, including Medicaid and CHIP.

Health Insurance Through the Health Insurance Marketplace

If you are not eligible for health insurance through your employer or a government program, you can get health insurance through the Health Insurance Marketplace. The Health Insurance Marketplace is a website where you can shop for and compare health insurance plans from different insurers.

When you shop for health insurance on the Health Insurance Marketplace, you will need to provide information about your income, family size, and health status. This information will be used to determine your eligibility for premium subsidies and cost-sharing reductions.

Premium subsidies are discounts that can help you pay for your health insurance premiums. Cost-sharing reductions are discounts that can help you pay for your deductibles, copayments, and coinsurance.

If you are eligible for premium subsidies or cost-sharing reductions, your monthly health insurance costs will be lower.

How to Choose the Right Health Insurance Plan

When choosing a health insurance plan, it is important to consider the following factors:

The cost of the plan. This includes the monthly premium, the deductible, and the copayments and coinsurance.
The coverage of the plan. This includes the types of services that are covered and the limits on coverage.
The network of providers. This includes the doctors and hospitals that are covered by the plan.

It is also important to consider your own health needs and budget when choosing a health insurance plan.

Getting Help with Health Insurance

If you need help with health insurance, there are a number of resources available. You can visit the HealthCare.gov website or call the Health Insurance Marketplace Call Center at 1-800-318-2596. You can also contact a local health insurance agent or broker.

Conclusion

The ACA has made health insurance more affordable and accessible for millions of Americans. If you are considering leaving your job to start your own business, it is important to understand how the ACA will affect your health insurance options. By shopping for health insurance on the Health Insurance Marketplace, you can find a plan that meets your needs and budget.