IMPORTANT HEALTHCARE TERMS TO KNOW
Private Healthcare Plans
A private Healthcare plan is one of your options when shopping for Healthcare. Unlike a government plan, private Healthcare plans often offer more flexibility in coverage and are often less expensive. If you decide on a private Healthcare plan, you will face a tax penalty at the end of the year. Again, even with the tax penalty, private healthcare plans may still be your most affordable option.
Open Enrollment Period
The next Open Enrollment period starts November 1st 2018 and ends on December 15th 2018. During this period, all Americans are given the opportunity to sign up for affordable Health Care.
Effective January 1st 2014, tax penalties were accessed for not purchasing a Healthcare plan under The Affordable Care Act. For 2018 and beyond the tax penalties will remain at 2.5% of your total annual income or $695 – whichever is higher. Although the penalty sounds scary, you can still purchase a private Healthcare plan and pay less yearly even with the penalty. Always remember to compare all options, and select a plan that's best for your needs.
The Affordable Care Act
Also known as Obamacare, The ACA is a healthcare reform intended on making healthcare more accessible and affordable to millions across the Nation. Obamacare plans have specific coverages and are priced based on your age, household size, income, and smoking status. You can enroll for Obamacare during the Open-Enrollment period or in the case of a life-changing event (i.e. loss of job, new child, recently moved, and various other qualifying events.) The Affordable Care Act eliminated pre-existing conditions as a reason to be denied health insurance coverage. Additionally, The Affordable Care Act offers healthcare subsidies to those living in poverty.