On January 1, 2014, the Patient Protection and Affordable Care Act (later shortened to the ACA) took effect, providing Americans with high-quality health coverage. Also known as Obamacare, this healthcare law has changed the lives of millions of people.
However, individual states were given the opportunity to either create and maintain their own health exchange or let the government handle all of the responsibilities.
Indiana, along with 26 other states, relies on the federally facilitated health Marketplace. According to the U.S. Department of Health and Human Services (HHS), which oversees the ACA, 218,617 qualified health plans (QHPs) were purchased in 2015. This represents 43 percent of all of Indiana’s eligible residents.
A side-by-side comparison of coverage options
But you should know that the Marketplace is not insurance. Rather, it only provides the options for different insurance providers and plans, including both private and publicly held, for-profit options. You can click on the Healthcare.gov website to research multiple policies. This provides beneficiaries with a comparison of the current prices and benefits available.
However, under the ACA’s provisions, you must purchase coverage during the Open Enrollment Period (OEP). If not, you could face a penalty imposed by the IRS. The OEP runs from November 1, 2015, through Jan. 31, 2016.
And for lower- and middle-income Indiana families and individuals, the healthcare law does offer financial assistance, including tax credits and subsidies. In 2015, research shows that a total of $552 million in premium subsidies were allotted; that represents 87.4 percent of the state’s residents. These subsides average $315 per month.
You can use the links below to get quotes direct from national insurance providers.