ACA Insurance Explained

ACA Insurance Explained

Post sponsored by Xpress Health & Life, Nixa MO

ACA Insurance Explained

1. What is ACA Insurance?

2. How Can I purchase ACA Insurance?

3. Income & Payback Requirements

1. What is ACA Insurance?

  • ACA Insurance is part of the Affordable Care Act
    • In some instances, you can receive a tax credit to help you pay for insurance 
  • You cannot be denied ACA insurance due to a preexisting condition
    • You also cannot be charged more for having a preexisting condition
  • Qualifications are based on income and the federal poverty level (FPL)

2. How Can I purchase ACA Insurance?

There are three ways to purchase health insurance:

  1. Your employer
  2. Health Insurance Companies
  3. Health Insurance Marketplace (HealthCare.Gov)

Health Insurance Marketplace Enrollment dates:

  • The 2020 Open Enrollment period goes from Nov. 1st, 2019 – Dec. 15th, 2019
  • If you don’t act by Dec. 15th, you can’t get 2020 coverage unless you qualify for a special enrollment period
  • Plans sold during Open Enrollment start Jan. 1st, 2020
  • Special Enrollment Period: A time outside the Open Enrollment Period when you can sign up for insurance from the healthcare marketplace (Qualifications: certain life events such as change in income, changing place of living, released from incarceration, losing health coverage, moving, getting married, having a baby, or adopting a child)

3. Income & Payback Requirements

Total Individual & Family Income
Amount You Will Pay for Insurance
Income (based on FPL)Individual IncomeIndividual PaybackHousehold Income (Family of 4)Household Payback
<200%Under $24,280Capped at $300Under $50,200Capped at $600
200% to 300%$24,281 – $36,420Capped at $775$50,201 – $75,300Capped at $1,550
300% to 400%$36,421 – $48,560Capped at $1,300$75,301 – $100,400Capped at $2,600
>400%$48,561 & upFull amount received$100,401 & upFull amount received

Payback Requirements if Estimated Income is Higher Than Expected

As always, if you have any questions contact Jenkins CPA at 417-725-3924 or stop by our office at 204 Village Center St, Nixa MO

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