Affordable Care Act facts
With the Affordable Care Act’s ever-evolving changes, it’s essential to keep up with all the updates. Here are 9 [updated] Affordable Care Act facts to know.
The Affordable Care Act
On episode #26, Queer Money®, we talked with co-founder and CEO of Policygenius, Jennifer Fitzgerald.
Jennifer gave us the 411 of the ACA as it was in 2016, as President Obama’s second term was ending and President Trump’s first [and last term] was about to begin. Jennifer shared that research showed consumers spend more time choosing their phone than their healthcare plan.
We aimed to fix that.
CEO of Policygenius Jennifer Fitzgerald on the Affordable Care Act:
Is the Affordable Care Act still confusing to you?
While the Affordable Care Act still has its challenges, it did slow the rise of the cost of healthcare and expand coverage even to those with pre-existing conditions. That was huge!
It also provided 10 essential health benefits that include but aren’t limited to:
- Preventative and wellness benefits, including for chronic disease
- Maternity & newborn care coverage
- Mental & behavioral health treatment, including alcohol, drug and other substance abuse and addiction
- Services and devices to help people with injuries, disabilities or chronic conditions
- 100% of the cost of tests if doctors use them to diagnose an illness
- Pediatric care
What should you know about the ACA today?
First, know that President Biden signed an executive order, due to COVID-19, for a second ACA enrollment period between February 15 and May 15. So, if you recently lost your job and your employer’s healthcare or simply didn’t get around to getting coverage during the traditional open enrollment period, here’s your chance.
Second, research to ensure you or your family don’t qualify for subsidies. Jennifer called out this major point of concern: As of 2016, many folks weren’t applying for subsidies even when they qualified.
For 2021, folks who earn between one and four times the Federal Poverty Level (FPL) qualify for subsidies. That could offset your cost of health insurance between $12,760 – $51,040 if you’re filing individually or $26,200 to $104,800 if you’re a family of up to four people.
To qualify, you must be a US citizen, not receiving coverage from an employer or Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), or other forms of public assistance. Finally, if you’re married, you must be filing your taxes jointly.
That said, many people who qualify for subsidies don’t apply for or take advantage of them, which is an unnecessary cost to American households. Go to healthcare.gov for more information.
Get our Affordable Care Act facts [updated] for 2021 and beyond:
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We’re David and John Auten-Schneider, the founders of Debt Free Guys and creators of the Queer Money® podcast. We help queer people (and allies) achieve financial, relationship, time, and location freedom by helping them architect their Wealth Builder’s Pyramid.