On June 25, 2015, the Supreme Court upheld the Affordable Care Act for the second time in three years. The outcome of King v. Burwell allows consumers who have purchased healthcare coverage through the Federal Exchanges to continue using their plans for a reduced rate.
Subsidies are a cornerstone of the health law, and the determining factor for most Americans to participate in the Health Insurance Marketplace. Under the ACA, health insurance companies have dropped their underwriting and pre-exisiting condition rules, allowing a large American consumer base access to discounted coverage by issuing tax credits.
What Does the Supreme Court Ruling Mean for You?
The Supreme Court ruling means that anyone who has enrolled in coverage through the Health Insurance Marketplace can continue to pay a lower premium for their health plan.
If you’re a current Marketplace customer, the same rules still apply as when you first enrolled:
Nothing has changed! Keep paying your premiums each month and your plan will stay active.
- You and your family have access to free Preventive Care and other Essential Health Benefits.
- You’ll need to submit Proof of Income and/or Citizenship in order to receive and keep your tax credit.
- If you receive a notice from the Marketplace, call your insurance agent or the Marketplace immediately to resolve any inconsistencies.
- You can only change plans during Open Enrollment, which runs from November-January, unless you are eligible for a Special Enrollment Period.
If you have coverage through your Employer or an Off-Exchange Individual Plan, the ruling doesn’t change your plan, either.
However, if you lose your group health plan or your ability to afford individual coverage purchased directly from the carrier, tax credits may benefit you in the future. The health law also already benefits you by increasing your access to medical services, and eliminated any limitations on who can buy a policy.
If you are uninsured, the Health Law can help!
Contact our office at 888.803.5917 and find out if you’re eligible to apply for a health plan outside of Enrollment – if you have a Qualifying Life Event – or during the annual Open Enrollment Period starting in November!