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The Affordable Care Act ( Aca )

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The Affordable Care Act (ACA) has expanded the choices for different populations, across the nation, to apply for health insurance. Under the ACA, it is a requirement that everyone have health insurance that meets the minimum requirements or they will be charged a fee. For unemployed individuals, often times the price of healthcare is concerning. Without an income people may struggle to come up with the necessary funds to pay for a healthcare plan for either themselves or their family. The ACA offers a healthcare marketplace that allows individuals to check their eligibility for affordable healthcare insurance, Medicaid, or the Children’s Health Insurance Program (CHIP). What is important for unemployed people to know, is that the Marketplace’s healthcare plans are based on their estimated yearly income and their household size, not their employment status. Estimated income for unemployed includes any unemployment compensation, the income of all household members, interest income, capital gains, cash support, alimony, and withdrawals from traditional IRAs and 401ks. Based on this information, the Marketplace will calculate ones eligibility for tax credits and savings on deductibles, copayments, and out of pocket cost. One’s eligibility may also be affected by whether or not one is eligible to enroll in a spouse health insurance plan. If an individual is eligible for an affordable healthcare plan that meets the minimum healthcare requirement they will
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