Navigating Obamacare (Affordable Care Act)
Whether it’s because of a career change, being laid off, or retiring prior to Medicare age, I have had clients ask me about what options they have for health insurance. The most common option is to enroll in a private plan through the Affordable Care Act, otherwise known as Obamacare. Below are some notes and options for possible health plans.
Open Enrollment
-Usually from November through Mid-December
-Certain life events such as getting married, having a baby, or the loss of health coverage
Plan Options & Costs (Husband and Wife, age 60)
Bronze Example – $1,715/month cost, $14,000 deductible, $15,800 out of pocket maximum
Silver Example – $2,216/month cost, $9,000 deductible, $15,800 out of pocket maximum
Gold Example – $2,595/month cost, $3,000 deductible, $13,700 out of pocket maximum
Platinum Example - $3,161/month cost, $0 deductible, $8,000 out of pocket maximum
*Assumed husband and wife, both aged 60, $100,000 in annual income, live in zip code 20190, Virginia and are not eligible for health insurance, is not the parent of a child under 19, are not pregnant, and are not tobacco users.
Tips
- If possible, plan for lower income to receive credit toward premiums.
- Consider a high deductible plan if you have a good health history and cash on hand.
- Check costs by geographic area as premiums are based on zip code.
Sources
Disclaimer: Alex Voorhees and Reston Wealth Management do not provide healthcare, legal, accounting or tax advice. This information is not intended to be a substitute for specific individualized healthcare, tax or legal advice. We suggest that you discuss your specific situation with a qualified health insurance agent, investment, tax or legal advisor. The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) or strategies may be appropriate for you, consult your financial advisor prior to investing. No strategy assures success or protects against loss. You should consider the investment objectives, risks, charges and expenses of any investment carefully before investing.