Overview

The Affordable Care Act (ACA), commonly known as Obamacare, was introduced in 2008 to reform the health insurance landscape. It established Health Insurance Marketplaces, simplifying the process of obtaining coverage and providing financial assistance for those who qualify.

ACA Plans offer a range of health insurance plans designed to make coverage more accessible and affordable for millions of Americans. 

Whether you’re self-employed, between jobs, or not eligible for employer-sponsored coverage, ACA plans provide a marketplace for purchasing health insurance with protections and subsidies.

Key Features of ACA Plans:

• Marketplace: You can enroll in ACA plans through the federal Marketplace at HealthCare.gov or state-based Marketplaces if available in your state. The ACA established these platforms to help individuals and families find and compare health insurance options.
• Pre-Existing Conditions: Insurance companies cannot deny coverage based on pre-existing medical conditions.
• Subsidies: Financial assistance in the form of tax credits is available to help reduce monthly premiums for eligible individuals and families.

Eligibility

ACA coverage is available to U.S. citizens and legal immigrants. By selecting a plan through the Health Insurance Marketplace, individuals may be eligible for subsidies.

Plan Costs To Expect

Plan costs under the ACA vary. However, based on income, individuals may receive subsidies to reduce premiums or monthly expenses.
ACA plans vary in cost depending on the metal tier you select, your location, your age, and your insurer. The metal levels are:

• Bronze: Covers about 60% of your healthcare costs, usually with lower premiums.
• Silver: Covers around 70% of your healthcare costs, and is the most commonly chosen plan.
• Gold: Covers approximately 80% of your healthcare costs, with higher premiums.
• Platinum: Provides the highest coverage at 90% but comes with the highest premiums.

The average monthly premium for HealthCare.gov enrollees was $111 in 2024. Make sure to compare premiums, deductibles, copays, and coinsurance when choosing a plan.

How to Enroll

Enrollment in ACA plans can be done through federal or state Health Insurance Marketplaces. The open enrollment period typically runs from November 1 to January 15. Special enrollment periods may be available for those experiencing qualifying life events.

Next Steps

Explore the Health Insurance Marketplace to discover available plans and potential subsidies. Securing coverage through the ACA is a valuable opportunity for comprehensive health insurance.