Minimum Essential Coverage Explained
As per ‘Individual Mandate’, if you do not have insurance under the ACA act, you will have to pay a penalty. To avoid this penalty, you will have to take insurance that provides ‘Minimum Essential Coverage’. According to Individual Mandate, you must maintain minimum essential coverage throughout the year or get an exemption, or pay a fee for each month you go without it (although you are allowed less than three months in a row each year without coverage, due to a coverage gap exemption). You must report the minimum essential coverage you have taken on your Federal Income Taxes for each month.
Benefits and Minimum Essential Coverage Types
The ACA has created many new rules and regulations for health insurance which ensures some ground-breaking new benefits, rights, and protections to insurer. Most major medical plans, which are mandated to follow the majority of rules set forth by the ACA, count as minimum essential coverage. You can find the types of coverage considered as minimum essential coverage below.
Plans purchased before March 23, 2010 are called grandfathered plans and don’t have to follow Obamacare’s rules and regulations. In such plans, you can still be dropped form coverage for reasons other than fraud, be denied treatment for preexisting conditions, face annual and lifetime dollar limits and more.
However, if your plan loses the ‘grandfathered’ status, you may have to move to a ACA compliant plan.
Supplemental health insurance, or Supplementary insurance, is meant to supplement your existing plan and is not ObamaCare compliant on its own. Supplementary insurance is sold by private companies and can help you pay for health care costs that your plan doesn’t cover, like copayments, coinsurance, and deductibles.
There are a number of supplemental health insurance options for private individual and family health insurance, and for public health options like Medicare. Whether or not a supplement health plan is right for you depends on your medical needs, what plan you have already, and what plans are available to you.
Minimum essential coverage includes the following types of health insurance:
This website is operated by EzObamacare LLC and is not the Health Insurance Marketplace℠ website. EzObamacare is a private exchange and is in the business of connecting potential consumers with qualified and certified Marketplace agents who can facilitate the sale and enrollment of consumers on Marketplace plans. In offering this website, EzObamacare LLC is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans(QHPs) being offered in your state through the Health Insurance Marketplace℠ website. To see all available data on QHP options in your state, go to the Health Insurance Marketplace℠ website at HealthCare.gov.
Also, you should visit the Health Insurance Marketplace℠ website at HealthCare.gov if:
EzObamacare LLC offers the opportunity to enroll in either QHPs and off-Marketplace coverage. Please visit HealthCare.gov for information on the benefits of enrolling in a QHP. Off-Marketplace coverage is not eligible for the cost savings offered for coverage through the Marketplaces.