Accessing affordable health insurance has become easier for everyday Americans thanks to the Affordable Care Act (ACA).
A medical insurance plan that follows the regulations of the ACA can help cover healthcare costs, medical treatments, and prescription medications. With so many plans listed on the ACA health insurance marketplace, it can be difficult to make a decision. However, it’s important to choose the one that best fits your unique circumstances.
Regardless of your selection, an ACA plan offers distinct benefits that you can’t afford to go without. If you want to learn more about ACA plans, their benefits, and how to choose the right one, this guide will provide all the necessary information.
What Is ACA Insurance?
ACA insurance refers to all the health insurance plans available on the ACA marketplace at healthcare.gov and several state insurance exchanges.
To be listed on the ACA marketplace, an insurance plan must comply with all the regulations set out under the ACA.
Although most individual health insurance policies and employer-sponsored plans are now ACA-compliant, most short-term and fixed-indemnity insurance plans aren’t.
But what exactly does a health insurance plan have to offer to be ACA-compliant? An ACA health insurance plan:
- Will not institute coverage limitations
- Will provide coverage even for pre-existing conditions (see exceptions below)
- Covers ten essential health benefits (see benefits below)
The Benefits Of ACA Insurance
There are numerous benefits of ACA insurance including the following:
Priceplans To Suit All Households
ACA health insurance plans are available across different tiers, from bronze to platinum, and your unique circumstances will dictate which is best for you. The lower tiers (bronze and silver) typically have lower premiums. The higher tiers (gold and platinum) usually have greater coverage.
These tiers also contain different types of plans, such as Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Exclusive Provider Organization (EPO), and Point-of-Service (POS) plans.
PPO Plans
On a PPO plan, the insurer has contracted a network of medical providers and negotiated prices with them.
You may be covered for treatments at providers outside of this network, but your out-of-pocket costs could be higher. Therefore, using the network providers whenever possible is preferable to avoid these higher costs. But, a PPO offers more flexibility than an EPO.
