ACA Basics
The PPACA (Patient Protection and Affordable Care Act), or for shorthand, the “ACA”, is essentially a set of rules that all health insurance plans must follow in order to offer “compliant” plans.
Subsidies/Tax Credits
Depending on your income, you may be eligible for financial assistance to help pay the monthly premium for your health insurance. The amount of financial assistance you can qualify for is based on your age, your zip code, and your income.
Exemptions
If you are approved for an affordability exemption, then you can purchase a Catastrophic plan if offered in your area. The Catastrophic plans are generally reserved for people under age 30, but if you have an exemption, you can purchase one if you are over 30.
Open Enrollment Period
ACA regulations provide that there be an Open Enrollment Period each year from November 1st through December 15th. In Colorado, this deadline is extended until January 15th.
Special Enrollment Periods
Outside of Open Enrollment, you may still be able to purchase a health plan… if you have a Qualifying Life Change Event that gets you in under the Special Enrollment Period rules.
ICHRA’s (Individual coverage HRAs)
Starting in 2020, federal regulations on Health Reimbursement Arrangements were loosened. Individual Coverage Health Reimbursement Arrangements (ICHRAs) are now allowed. Basically, that means that an employer can choose to offer an ICHRA as a reimbursement tool for their employees to purchase health insurance on the individual market, rather than offering a traditional group plan.
ACA FAQ’s
