- What is Obamacare or the Affordable Care Act?
The Affordable Care Act was signed into law by President Barack Obama on March 23, 2010. The Affordable Care Act, often referred to as Obamacare, was intended to broaden affordable healthcare access to a larger population base and includes regulations that require all U.S. citizens to have minimum qualifying health insurance coverage as of 2014.
- Do I have to have Obamacare if I live in Colorado?
Since the enforcement of Obamacare, the Affordable Care Act, all U.S. Citizens are required to have a qualified health plan (includes minimum viable coverage) to avoid a tax penalty. This health insurance coverage can be purchased through a variety of vendors in a private or federal Marketplace.
- Where do I find the Obamacare plan options for Colorado?
The Federal Health Insurance Marketplace will contain the public health insurance options for Colorado.
- How much does Obamacare cost in Colorado?
The cost of your Obamacare health insurance plan will depend on the tier of coverage you select. You can choose between the Bronze Plan (plan pays 60% of healthcare costs, you pay 40%); Silver Plan (plan pays 70% of healthcare costs; you pay 30%); Gold Plan (plan pays 80% of healthcare costs; you pay 20%), and Platinum Plan (plan pays 90% of your healthcare costs; you pay 10%). See more on the various tiers of Obamacare coverage here.
- What are government insurance subsidies and how do I qualify for them?
People that fit into the middle- or low-income tax bracket are eligible for government subsidies. These subsidies come in the form of tax credits. The amount of subsidy you are eligible to receive will be based on your income, the amount of people in your household, and the cost of the benchmark Silver Obamacare Marketplace plan in your region.
- What is the penalty for not having health insurance in Colorado?
The Obamacare penalty for not having health insurance coverage in 2016 is $695 per adult ($347.50 per child) or 2.5% of annual income claimed on a tax return without health insurance (whichever is larger). The health insurance penalty for 2017 will be similar, however the $695 flat fee will be adjusted for inflation.
- What if I missed the Obamacare Enrollment Deadline?
If you missed the Obamacare Enrollment Deadline, you will need to wait until the next Open Enrollment period or you may qualify for a Special Enrollment Period if you experience or have experienced a qualifying life event.
- How do I get an Obamacare quote?
The Federal Health Insurance Marketplace will allow you the ability to input your personal information and receive an Obamacare quote. You can access the Marketplace through the healthcare.gov website.
- What is an Obamacare exchange or marketplace, do I need to use it, and how do I use it?
The Colorado Obamacare Marketplace or Exchange is a service that allows you to compare and enroll for medical insurance in your state. It can be accessed through different websites (healthcare.gov), calling, or in person. You will need to use the Marketplace to apply for government subsidies.
- How do I know if I'm exempt from Obamacare in Colorado?
To be exempt from the Obamacare, or Affordable Care Act penalty in Colorado, you will need to fill out a hardship exemption form and file it with the Federal Health Insurance Marketplace. Some hardships that qualify for exemption include: homelessness, eviction or foreclosure, domestic violence, the death of a family member, a natural or human-caused disaster, or filing for bankruptcy. For other qualifying hardships, see the Federal Health Insurance Marketplace hardship exemption page.
- What information and documents should I have when I'm signing up for Obamacare?
To sign up for an Obamacare health insurance plan you will need documents that verify your annual income and United States citizenship.
- Where can I get help with my Obamacare application?
Connect for Health Colorado is a free resource to help you with your Colorado Obamacare application. You can also use the Healthcare.gov website.
- What is a Navigator?
A navigator is an individual or organization that is required to be unbiased as they help consumers, small businesses, and their employees explore health insurance options in the Marketplace. Navigator services are free to the public. They are trained to offer guidance in many areas, including how to complete eligibility and enrollment forms.
- What does Obamacare cover in Colorado?
Obamacare, or the Affordable Care Act (ACA), states that health insurance companies must cover treatment associated with any and all medical conditions, these are called essential health benefits. Obamacare removes the ability of insurance companies to discriminate or deny coverage for any pre-existing medical condition. Additionally, once you are enrolled in an insurance plan, you cannot be denied coverage for any condition and your rates cannot be increased based upon your health. This coverage applies to pregnancy as well as pre-existing conditions. Learn more about what all Marketplace health insurance plans cover here.
- How can I decrease the cost of my health insurance in Colorado?
Your health insurance costs will be dependent on the type of health insurance plan that you select. Health insurance plan costs fluctuate based on monthly premium costs and deductibles. In most cases, if you have a higher monthly premium, your deductible will be lower. Alternatively, if you want a lower monthly premium cost, you can opt for a higher deductible. Learn more about how your deductible affects your monthly premium here.
- How do I find Obamacare plans?
You can find the qualified Affordable Care Act (Obamacare) health insurance options on the Federal Health Insurance Marketplace.
- Are Obamacare health insurance premiums tax deductible?
If you are self-employed, Obamacare health insurance premiums may be tax deductible.
- Do I need Obamcare if I already have other health insurance?
If your existing health insurance plan meets the minimum essential requirements of a qualified health plan, as determined by the Affordable Care Act, you can keep your existing plan and avoid the tax penalty.
- Where do I buy Obamacare if I live or work in two different states?
If you live of work in two different states, it is recommend that you look for multi-state federal health insurance coverage (Obamacare), which is available in the federally regulated Marketplace.
- Will short term insurance help me avoid the Obamacare penalty?
No, short term coverage does not meet the minimum viable coverage of a qualified health plan according to Obamacare, the Affordable Care Act (Obamacare). Without additional health insurance coverage you will be subject to an ACA tax penalty.
- How has Obamacare affected health insurance in Colorado?
Due to the fact that Colorado decided to expand eligibility for Medicaid, over 1.2 million Colorado citizens are now covered.
- Who runs the Obamacare marketplace in Colorado?
The State of Colorado has a state-facilitated Marketplace called Connect for Health Colorado.
- What if I can't afford Obamacare? Is there cost assistance?
Yes. If you are unable to pay for the cost of Obamacare coverage, you may find that you qualify for government subsidies. Subsidies depend on income and the number of family members in the household.
- Does Colorado Obamacare cover pre-existing conditions like maternity, IVF, diseases or illnesses?
Yes, under the Affordable Care Act, it is illegal for health insurance companies to deny coverage due to pre-existing conditions or maternity.
- Do I need to buy additional or supplemental insurance on Obamacare?
This depends on the level of your desired coverage. You may want to pursue supplemental insurance for specific health scenarios.
- Obamacare Health Insurance Plans vs COBRA
COBRA allows you to continue to utilize your previous employer's insurance plan regardless of your employment status for a designated period of time by paying the entire premium. This is generally not cost effective and a similar option can be purchased at a smaller dollar amount via the Federal Exchange.
- I'm on Medicare, how does that impact me with Obamacare?
If you are on Medicare A, you are considered to be adequately covered by a qualified health plan and you do not to seek additional coverage. Medicare B, however, is not considered sufficient and additional coverage would need to be obtained to avoid the Obamacare penalty.
- How do I qualify for an Obamacare exemption?
There are a few exemptions to the Obamacare penalty that are available to individuals who are experiencing significant hardships. You can apply for Obamacare exceptions status through the Federal exchange. Find out if you are exempt from Obamacare in Colorado.
