Understanding the Affordable Care Act (ACA) – also known as: Obamacare, Marketplace, CoverME.gov

There is much confusion around the Affordable Care Act (ACA) and the Health Insurance Marketplace. Which is also known as Obamacare, and in Maine, the Marketplace is called CoverME.

Here is some information to help you understand it a bit better.

The ACA is a law that guarantees everyone with minimum essential health care coverage. You can’t be denied ACA health insurance coverage because of a pre-existing health condition and you can’t be charged more for your plan because of it. Additionally, all ACA plans must cover a list of preventive services without charging you a co-pay, co-insurance, or deductible.

It’s important to know what’s required under the ACA. Here’s what you need to know as you get started:

• Open enrollment, from November 1 to December 15 is your time to buy health insurance. Open enrollment is a yearly time period set by the ACA. It’s your time to shop for individual health insurance and purchase a plan.
• If you miss this window of time to purchase a plan, there are some exceptions called Qualifying Life Events.  You may qualify for a Special Enrollment Period(SEP)
• In some instances, you can get tax credits to help you pay for your health insurance.

When you’re looking for health care coverage, check the health plans you’re considering to be sure it says it meets “ACA minimum essential coverage.”

There are several ways to buy health insurance:

• Your employer
• Health insurance companies

• CoverME.gov (Maine’s health insurance exchange)

In some instances, you can get tax credits to help you pay for your health insurance

Depending on your family situation and annual income, you may be able to get a tax credit to help offset your health insurance costs. You can visit www.CoverME.gov  to see if you qualify for a tax credit before you start buying your plan.  Based on your income, you may qualify for  Premium tax credits, and Cost Share Reductions.