Discover the types of health insurance plans available under Obamacare.
There are many types of health insurance plans you can buy during the Affordable Care Act (ACA or “Obamacare”) Open Enrollment Period (OEP). Get information about the types of health insurance now available and select the health plan that’s best suited to your needs.
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Off-Exchange major medical health insurance
Off-Exchange major medical health insurance plans are generally not eligible for subsidies. Under Obamacare, people who do not qualify for or want a subsidy, but who want to avoid the tax penalty, can buy major medical health plans that meet ACA coverage standards on or off of government-run state exchanges. The average costs for major medical health insurance purchased through eHealth during the 2015 open enrollment period are as follows.
- Premiums: $286 per month for individual coverage or $727 for family coverage
- Deductibles: $4,120 per year for individual coverage or $7,760 for family coverage
On-Exchange Qualified Health Plans
People who qualify for and want to use a subsidy to pay for a Qualified Health Plan (QHP) can research QHP plan data on some private exchanges and enroll in a plan if the private exchange meets the federal requirements for qualified health plans. In some states, consumers can do this online, while in others a person may have to help you enroll offline. You can also purchase a qualified health plan through your state’s government-run health insurance exchange or marketplace
Catastrophic level health insurance plans
Catastrophic plans are ACA-compliant health insurance plans primarily intended for people under age 30, and they cannot be purchased with a subsidy. Those who buy a catastrophic plan will not have to pay tax penalties for being uninsured, if they meet certain hardship exemptions, but their plans only provide the bare minimum benefits allowed under the law.
Cost of Catastrophic plans purchased through eHealth during the 2015 open enrollment period:
- Average premium: $145 per month
- Average deductible: $6,580 per year
Many consumers want benefits beyond what’s provided in a major medical health insurance plan. Benefits like life, dental, vision, critical illness, and accident insurance are a popular part of benefits packages offered by employers and are available for individuals on private exchanges. Some government exchanges may offer some of these products as well.
Gap (short-term) health insurance
The Affordable Care Act allows people to be uninsured for no more than two consecutive months without being subject to a tax penalty. The ACA also creates new enrollment periods when a person can enroll in major medical insurance. Outside of an enrollment period, people may have to wait to get coverage. Gap insurance products like short-term medical insurance may be helpful if you need limited coverage outside of the enrollment window.
Cost of short-term health insurance plans purchased through eHealth in 2014:
- Average premiums: $107 for individuals or $249 for families
- Average deductibles: $3,391 for individuals or $8,252 for families
Types of Health Insurance Plans available under Obamacare
The chart above only provides general guidance, but many exceptions apply, so your specific circumstances may vary. In addition, this information is subject to change.