“There was one consumer that came in to see if they could get a better deal through the marketplace, and did just that,” Bulkeley said. “This consumer had a pre-existing condition and was paying more than $600 a month for insurance. After submitting an application through the marketplace, this consumer qualified for the premium tax credits and cost sharing reductions. They were able to choose a QHP at a little over $60 a month with a $400 deductible, and a $600 out of pocket maximum. This consumer was so ecstatic that I received a hug! It made my day!”
Bulkeley said since Iowa has extended their Medicaid program, many more individuals qualify for Medicaid. Others have been fortunate enough to qualify for premium tax credits and cost sharing reductions and have chosen a very cheap, if not free QHP.
Iowa has a partnership exchange, which basically means that it is set up with the federal marketplace, but run by the state. It can be accessed by going to www.insurancemarketplace.org.
According to www.insurancemarketplace.org, “The aim of the Affordable Care Act is to provide affordable health insurance for more Americans, which the ACA does through a series of regulations for the insurance industry, and expansion of federal health care programs and subsidies.”
Call it requirements or mandates, ACA requires insurance companies to cover all applicants despite pre-existing conditions, offer the same rates for individuals in a specific age range and region, regardless of sex, according to www.insurancemarketplace.org. The same site says the benefits are “minimum standards for health insurance policies subsidies for very small businesses who purchase insurance through an exchange, eliminates co-pays, co-insurance and deductibles for certain health care insurance benefits related to preventative care and expands Medicaid eligibility to include more low-income individuals, and offers federal subsidies to help low income families get affordable health insurance. The bulk of the changes instituted by the ACA go into effect in 2014, although some aspects of the ACA are being gradually introduced or phased in up through 2020.”