A Fresh Look at the Affordable Care Act (ACA)

Even though the Affordable Care Act (ACA) has been around for over a decade, many folks still haven’t tapped into its potential. If you’re looking to trim down your health insurance costs, understanding the ins and outs of this law is the first step. Let’s break it down in a way that’s easy to digest.

Table of Contents:

What is the Affordable Care Act?
Benefits of the Affordable Care Act
Who Can Qualify for ACA?
Final Thoughts on the Affordable Care Act

What is the Affordable Care Act?

The Affordable Care Act, often called Obamacare, is like a health insurance superhero that made its debut in 2010. Its mission? To make sure more folks have access to health insurance, especially those who were left without coverage due to sky-high premiums or limited access. It also opened the doors wider to Medicaid and put a stop to insurance companies saying “no” because of preexisting conditions.

Thanks to the ACA, people who might have been left without insurance before can now snag affordable health coverage through their state’s marketplace. The plans there get a little boost – they’re either subsidized or under federal regulation during open enrollment.

This means that if you qualify, you could get premium tax credits that either bring down your owed taxes or give a bump to your tax refund. They might also come in the form of Advanced Premium Tax Credits, chipping away at your monthly health insurance costs right away.

Click here to see if you qualify for practically free health insurance plans using Advanced Premium Tax Credits today!

Benefits of the Affordable Care Act

There’s a lot to love about the ACA:

Lower premiums for better coverage
Protection from crazy rate hikes
More healthcare options for those on a tight budget
No more getting turned down for having pre-existing conditions
Coverage for prevention and wellness care like screenings and immunizations

Who Can Qualify for ACA?

Everyone loves saving money on health insurance, but there are a few hoops to jump through to get Affordable Care Act coverage.

First off, you need to be a U.S. citizen or lawfully present national, living in the United States. No jail time or Medicare coverage either.

While anyone can grab health insurance under the ACA, only those meeting certain household income requirements can get financial help cutting down on premiums and monthly costs. If your household income is between 100% and 400% of the Federal Poverty Level (FPL), you might be in luck. Take a peek at the chart for the 2024 coverage year to see if you qualify:

# Persons in Household: 1 | 100% FPL: $14,580 | 400% FPL: $58,320
# Persons in Household: 2 | 100% FPL: $19,720 | 400% FPL: $78,880
# Persons in Household: 3 | 100% FPL: $24,860 | 400% FPL: $99,440
# Persons in Household: 4 | 100% FPL: $30,000 | 400% FPL: $120,000
# Persons in Household: 5 | 100% FPL: $35,140 | 400% FPL: $140,560
# Persons in Household: 6 | 100% FPL: $40,280 | 400% FPL: $161,120
# Persons in Household: 7 | 100% FPL: $45,420 | 400% FPL: $181,680
# Persons in Household: 8 | 100% FPL: $50,560 | 400% FPL: $202,240

If you’re in that income range, legally living in the U.S. without being behind bars, you’re probably in the clear for lower premiums.

Final Thoughts on the Affordable Care Act

So, as long as you qualify for ACA coverage, you’ve got a ticket to a marketplace bursting with fantastic plans at lower monthly costs. That means more money in your pocket instantly.

But here’s a tip: to slash your monthly costs and not just get tax credits once a year at tax time, you’ll want to snag those Advanced Premium Credits. If you make less than $50,000 a year, those credits can swoop in, bring down your costs, and get you top-notch coverage.