More than 14.5 million people in United States obtain their health insurance through the health insurance market (sometimes called Obamacare), and more than 2.7 million of them live here in Florida. The Affordable Care Act (ACA) that created the market was passed more than 10 years ago, but there have been several recent changes that might surprise you.
Here are six things you might not know health insurance market: 1. You have up to January 15 register. The listing period open to the market is November, 1st until January 15giving you nearly 11 weeks to sign up for a new health insurance plan or change your current plan for 2022. However, if you want your insurance to kick in January 1styou should always sign up for a plan before December 15. If you miss that December deadline, your health insurance plan won’t start protecting you until February 1st. 2. If you’ve been told you’re making too much money, take another look. In 2021, the federal government raised the income threshold for receiving financial assistance to lower your monthly insurance payment. Previously, you had to earn less than 400% of the poverty line to qualify for assistance (this was $106,000 for a family of four). Now you can find a health insurance plan that does not exceed 8.5% of your household income. What does that mean? Parents in their 40s with two teenagers can catch up to $182700 a year and still getting help to lower their monthly insurance bill.
3. More working families are now eligible for financial assistance. If your job provides health insurance coverage, but your family is uninsured because it costs more than you can afford, there is help. Your family can now benefit from an ACA plan with financial assistance. A typical family of four Florida with an income of $53000 could save more than $5000. Find out if you are one of the more than 269,000 people in Florida who qualify.
4. Pre-retirees can make significant savings. The new rule limiting your health insurance costs for a basic plan to 8.5% has huge benefits for pre-retirees and other seniors who aren’t yet eligible for Medicare. Seniors often face higher prices for health insurance, but the 2021 changes help address that issue. A 60-year-old couple previously had to earn less than $69, 680 per year to qualify for assistance to pay their insurance costs. Now their annual income can go up to $237300 and they will still be eligible for assistance.
5. Hundreds of thousands of people in Florida missing $0 health insurance bills. Obtain an invoice indicating that you owe $0 may sound too good to be true, but it really does happen. The federal government has increased financial assistance to help people pay for their health insurance. In fact, four out of five people qualified for a Marketplace plan that cost them $10 or less each month in 2022, depending on the US Department of Health and Human Services. And, the state’s main health insurer, Florida Blue, estimates that more than 174,000 people are still uninsured even though they qualify for a $0 Marketplace planning.
6. Obtaining a Marketplace grant will not affect your immigration status. Financial assistance for health insurance (also called subsidy) is not reserved only for WE citizens. Many legally present immigrants are eligible for assistance paying for their insurance through the marketplace, including green card holders and those on work or student visas. And receiving this financial assistance will not negatively impact your immigration status and process due to public office regulations, which were removed in March 2021.
If you have questions about how health insurance works or where to find help getting a plan, check out GetCoveredFlorida.com.
