DID YOU KNOW? ACA & Marketplace Insurance Facts | Jennifer Pace

Correcting misconceptions about the ACA/Marketplace and presenting the facts

This is a compilation of posts I made in my Did You Know? series on my social media. I’m adding all of the information here that I used in my posts and I hope others find it as interesting as I did. From the very beginning, there’s been so much misinformation about the ACA and I was really surprised when I learned the truth.

The Affordable Care Act needs protection so it can continue to protect consumers

I think it’s important to correct these false ideas that people have gotten attached to because the ACA and the rights and benefits it has provided to the uninsured will always be needed. Unfortunately, it seems it will also always be under threat. I believe if more people understood it or were even informed about it at all, they would accept it and realize how helpful it is. 

Financial assistance makes coverage accessible to so many for whom it once was out of reach

Just speaking for myself, there is NO WAY I would be able to have health insurance coverage today if not for the protections the ACA put in place, as well as the financial aid. If you’re someone who has never applied or figured you don’t need anything from the Marketplace, I encourage you to at least just apply and see if it could be helpful. You have nothing to lose! It’s free to apply and you don’t have to use the financial assistance, even if you qualify for it. You might even find that you like shopping for plans using the filters on HealthCare.gov. They have really perfected the entire process over the years since it started and it’s smooth, streamlined, and designed to get you through it quickly while ensuring that you understand what it’s asking for.

Resources are available to help with the application process

There are so many resources online and in person to help you learn about the features and benefits available and to help you find out what you’re eligible for that it seems like a waste to not at least check and see. Even if you’ve applied in the past, you might want to try again because the eligibility requirements have changed on so many things.

Got questions? Want answers you can actually understand?

If you have any questions you’d like me to research and answer or just topics you’d like to see covered either in this series or the Q&A series I’ve got coming up, please email me! I would LOVE to hear from you. I really want to know what people want to know because that helps me help others with what they need and what they need for their loved ones.

In conclusion, keep coming back!

Bookmark me for the upcoming Q&A series

Check out the facts presented here and bookmark my pages so you can check back for the Q&A series coming up. The new series will be answering questions most searched on Google about anything and everything related to ACA, the Health Insurance Marketplace, financial aid for insurance coverage, etc. and I’ve researched them to make sure I’m delivering the most accurate, up-to-date information available.

I’ll be posting it every few days on my socials and updating it to my blog as well so it will be easier to find later. Thanks so much for spending time learning with me!

Jensurance on Facebook!

DID YOU KNOW? If consumers believe there was a mistake or disagree with eligibility determinations made by a Marketplace, they have the right to request an appeal. 

These determinations include: 

• Eligibility to buy a Marketplace Qualified Health Plan (QHP), including a Catastrophic plan.
• Eligibility for lower costs, including the amount of advance payments of the premium tax credit (APTC), and cost-sharing reductions (CSRs).
• Eligibility for a Special Enrollment Period (SEP) to enroll in a Marketplace QHP outside the regular Open Enrollment Period (OEP). 

SOURCE: 2024 Truths and Myths

DATE: Friday January 03, 2025

DID YOU KNOW? The ACA mandates that all insurance plans sold on the individual and small group markets cover essential health benefits (EHBs).

These benefits include:

• Services (like hospitalization)
• Prescription drugs
• Maternity care
• Mental health treatment
• Preventive care

By requiring these EHBs, the ACA ensures that consumers have access to comprehensive coverage. 

SOURCE: www.hhs.gov/healthcare/about-the-aca/index.html

DATE: Saturday  January 04, 2025

DID YOU KNOW? Half of the public incorrectly believes that the law allows undocumented immigrants to receive financial help from the government to buy health insurance. 

In fact, under the health law, undocumented immigrants remained ineligible for Medicaid and are ineligible for tax credits toward premiums for ACA marketplace plans. 

SOURCE: Data Note: 5 Misconceptions Surrounding the ACA | KFF

DATE: Monday January 06, 2025

DID YOU KNOW? Three in ten think most Americans get health coverage through the ACA. 

In fact, most Americans are insured through an employer or through a government program, such as Medicare or Medicaid. 

Less than 10 percent of Americans are covered by ACA marketplace plans. Overall, 29 percent of the public incorrectly thinks that more Americans get their health coverage through the ACA Marketplaces than through either an employer or Medicaid or Medicare.

SOURCE: Data Note: 5 Misconceptions Surrounding the ACA | KFF

DATE: Tuesday January 7, 2025

DID YOU KNOW? Many people misunderstand how their insurance coverage works simply because of lack of clear definitions of these key terms:

All of these are referred to as “out-of-pocket costs,” meaning your expenses for care that aren’t reimbursed by insurance.

SOURCE: Your total costs for health care: Premium, deductible, and out-of-pocket costs | HealthCare.gov

DATE: Wednesday January 8, 2025

DID YOU KNOW? “Obamacare,” the Marketplace, and the “Exchange” are basically the same thing! 

Lots of confusion surrounding this but it’s really simple. 

• Obamacare refers to the Affordable Care Act (ACA). 
• The ACA created the Health Insurance Marketplace, a service to shop, compare, and buy health plans. 
• The “Exchange” is another name people use for the Marketplace. 

And there you have it!

The ACA also created many protections for consumers including no more denial of coverage for pre-existing conditions, more options for young adults, and more!

Source: https://www.ehealthinsurance.com/resources/affordable-care-act/understanding-the-aca

DATE: Thursday January 9, 2025

DID YOU KNOW? Most people who apply for coverage through the Marketplace qualify for savings! 

Depending on your expected household income for the year, you may qualify for:

• Lower costs for your Marketplace plan, like the premium tax credit (PTC) that lowers your monthly premium
• Savings on out-of-pocket costs (like deductibles and copays) with cost sharing reductions (CSRs) 
• Coverage through Medicaid or CHIP. Your kids may qualify for CHIP, even if you don't qualify for Medicaid.

SOURCE: Tips about the Health Insurance Marketplace® | HealthCare.gov

DATE: Friday January 10, 2025

DID YOU KNOW? The rate of uninsured has dropped from 16 percent in 2010, prior to ACA implementation, to 7.2 percent in the most recent data!

Enrollment reached over 21 million for the 2024 plan year—a record high since the launch of the ACA Marketplaces a decade earlier.

 Health coverage, including public coverage, is important for financial security, dramatically improves health outcomes, and has wide-ranging and long-term benefits for children.

Source: Record Marketplace Coverage in 2024: A Banner Year for Coverage | CEA | The White House

Date: Saturday January 11, 2025