Health insurance is expensive. It’s confusing. And it’s stressful…
For those who are struggling to obtain adequate health care, especially if they come from low-income and disadvantaged backgrounds, Obamacare can lend a helping hand.
Obamacare might be the answer to your problems and frustration.
Across all states, including Nevada, you could be eligible for Obamacare. Read this guide to learn what Obamacare is, how you can apply for it, and how it works in Nevada!
What Is The Affordable Care Act?
Obamacare (or formally Affordable Care Act) came into effect in March of 2010 as a healthcare reform law.
It has three main goals:
- Ensure that health coverage is more affordable and easily obtainable for more people. ACA provides the insurees with subsidies (premium tax credits). This allows households that have incomes between 100% and 400% of the federal poverty level can have their health costs reduced.
- Drive the expansion of the Medicaid program. This is carried out in order to provide coverage for adults who have an income level below 138% of the federal poverty level. Bear in mind; not all states have expanded their Medicaid programs. Nevada expanded its Medicaid program in 2014 under the instruction of ACA.
- Contribute to the state of medical care methods and their deliveries. This is intended to lower the costs of general health care.
What Is Obamacare? Is It The Same As The Affordable Care Act?
Obamacare and Affordable Care Act (ACA) gets thrown around a lot as if they are different words with separate meanings. But, they are actually the same thing.
As you may have already figured out, President Barack Obama is the person who officially signed the law in March 2010. Hence, it is informally regarded as Obamacare. Almost every American has heard of it.
Affordable Care Act (ACA) is the official term for the law.
How Does Obamacare Work In Nevada?
Here’s how the process of Obamacare works in Nevada:
- Apply for it: You can do this via several ways such as contacting a health insurance broker, meeting with a licensed navigator or Enrollment at a nearby community location. Alternatively, you could obtain it through a federal marketplace – healthcare.gov.
- But, beware: Everyone who wishes to obtain healthcare through ACA must be aware of the Open Enrollment Period. OEP is a time period for acquiring health coverage, and it runs every year. If you missed it, you still can apply in Special Enrollment Period if you had qualifying life events, e.g. marriage, pregnancy, losing your health coverage.
How To Apply For Obamacare In Nevada?
If you want to obtain ACA in Nevada, these are the steps you would have to follow:
1. Check your eligibility
If your household income is between 100% and 400% of the federal poverty level as well as being a US citizen, you are eligible for Obamacare subsidies. Also, you must be currently residing in the States.
Your federal poverty level depends on how many members are in your household and where you live in the States (presumably you live in Nevada based on this article). Check out this guide for Nevada’s federal poverty levels.
However, if you are below the poverty level, you may not be eligible for ACA, but you may qualify for Medicaid coverage.
2. Check If It Is Open Enrollment Period
Nevada’s Open Enrollment Period for obtaining 2020 health insurance is between 1st of November and 15th of December.
If you missed the OEP, you still could qualify for health insurance during Special Enrollment Period factoring on your life circumstances. Don’t worry, our guide will assist you in acquiring health insurance after missing OEP.
3. Request a quote with Nevada Benefits!
Obamacare Nevada Rates Depend On Your Life Situation
Obamacare’s Nevada rates depend on your life situation and the type of plan you choose. The factors include your income level, age, family size and location.
Here’s an Obamacare calculator – https://www.kff.org/interactive/subsidy-calculator/
Suppose you are a single person living in a household with an income level of 400% or less than the federal poverty category (roughly $47,520), then with Obamacare, you can pay for the health coverage less than 9.5% of your income if you choose Bronze plan.
If you are a young person, health insurance providers are not allowed to charge you three times more than the premiums. However for older people, they may be charged more.
3. Family Size
This is tied with your income level. An example is if you have a family size of four, and you earn less than $34,638, then you are qualified for zero Obamacare costs and expanded Medicaid program coverage. Plus you won’t have to pay 2 percent more than your income for Silver Plan.
Some states’ ACA prices vary. This is because life expenses including healthcare and additional items are higher in some cities compared to others.