Obamacare is a federal insurance program that was implemented in March of 2010 after the Affordable Care Act (ACA) was passed during former President Barrack Obama’s time in office. The ACA was passed when the government realized that millions of Americans had fallen through the cracks and were without adequate health insurance. These individuals often made too much money to qualify for Medicaid, and many didn’t make enough money to have the ability to afford the pricey plans offered by employers if there was even a health plan available. Not everyone completely understands Obamacare, and many may wonder what the difference is between Obamacare and regular insurance.
The benefits of insurance offered through an employer
If you need to compare Obamacare with health insurance offered by your employer, then chances are, your employer’s insurance plan will be your best bet. Due to the fact that you’re employed full-time, your income will likely disqualify you from being eligible for subsidies, which would prevent the government from assisting you with paying for premiums each month. Your employer is very likely to pay a portion of your premiums each month, which is why your insurance through your job would likely be less expensive.
Compare the quality of the different insurance plans
To make your choice easier when it comes to choosing either an Obamacare plan or your employer-based choice, you need to determine the quality of your job’s health plan compared to Obamacare choices. Obamacare consists of many different plans offered by various insurance companies. It can take a while to peruse the Obamacare Marketplace in order to compare the different plans to what your employer offers. Once you have taken the time to see what the Obamacare plans would best meet your offer in comparison to your job’s plan, you can then make a final decision.
Determine all your out-of-pocket costs
In order to determine if an Obamacare plan would be superior to regular insurance through your employer, you need to find out what all your actual costs would be. These costs include the premium itself, co-pays for doctor’s visits, the cost of prescriptions, deductibles, and more. You will likely find that your insurance through your job is superior and would save you the most money.
However, you never know if Obamacare could be the better choice because if your salary is close to your state’s minimum wage, you might not earn enough to be able to comfortably afford to pay for health insurance through your job. Obamacare could possibly pay more of your premium if your low income qualifies you for subsidies, so be sure to conduct a thorough check on everything.
What if you need insurance only temporarily?
Not all health benefits are available on the first day of employment, or even the first month. It’s typical for new employees to have to wait 90 days before their health insurance becomes effective, so if they aren’t currently covered under any insurance, then there will be a lapse. A person can never predict when an illness might arise, or an injury might occur, so it’s best to have ongoing health insurance, without any lapses. You don’t want to take the chance of being burdened with huge, unexpected bills during a time when you had no healthcare coverage.
If you determine that your employer’s healthcare plan is superior to Obamacare in every way, but you need insurance immediately, then you might qualify to sign up for Obamacare while you wait for your job’s health insurance to become effective. Even though the normal enrollment period is in November and December of each year, for a January 1st effective date, if you have recently changed jobs, moved, married, or given birth to a child, then you can sign up for health insurance at any time, as long as it’s within 30-90 days of the event.
Then, once your employer’s health insurance plan becomes effective, you can inform the marketplace that you’re covered under your job’s plan and that you no longer require health insurance through the Marketplace.
Consider your employer’s pre-existing condition policy
Some insurance plans come with a pre-existing condition policy, which means that any health conditions that you had prior to sign up for health insurance will not be covered. Obamacare provides health insurance for anyone who qualifies and signs up for a plan, and there is no need to worry about any pre-existing health condition clauses because there are none.
While most employer-based insurance plans don’t have any pre-existing condition clauses either, some do, so you need to determine if your employer’s plan has such a clause. If your employer’s insurance plan does have a pre-existing condition clause, then you need to find out the specifics. If you have existing illnesses, then your best bet may be Obamacare, but find out all the facts about the clause before making a definite decision.
Despite the good intentions of insurance through the ACA, for those who are employed full-time and make a reasonable amount of income, assistance with paying premiums is often not available. Although there is a small chance that Obamacare enrollment may be your best bet when it comes to cost and quality, there are several factors that must be considered before deciding whether your employer’s health insurance plan is superior, or Obamacare is. Once you’ve taken everything into consideration and performed all the necessary research, only then can you make a final decision regarding which healthcare plan to choose.