Most Americans get their health insurance through work. Their employer chooses the insurance plans that will be offered. The ACA affects their insurance, too, but the policies we will be talking about are the ones available to individuals who are self-employed or do not get insurance through their employer. The changes that are the most valuable include:
- You can no longer be denied insurance because of a pre-existing condition.
- You can no longer have your insurance cancelled because you get very, very sick.
- You can no longer be denied insurance for any reason.
- You no longer have an annual maximum benefit payout.
- You no longer have a lifetime maximum benefit payout.
- You can choose a policy that pays for annual preventive care.
- You can choose how much you will pay out of your own pocket before insurance takes over.
- You can choose the most you will pay out of your own pocket in a year for hospital bills.
- You can choose the best policy that will work for you under your circumstances.
- You can have your monthly payment reduced based on your income.
- Your kids can be on your plan until they are 26 years old.
We have experience with how horrible health insurance used to be and have first-hand experience with how these changes directly affect us in a positive way. The ACA questionnaire is short and simple. They need to know your name, age, gender, and if you are a smoker. This information is necessary for every family member to be insured under one policy. Additionally, they need to know your Modified Adjusted Gross Income (MAGI). Your MAGI is what you actually earn after adjusting for allowed deductions on your annual tax return.
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