Public Plans - Obamacare
Pros and Cons
ACA plans, also known as Obamacare are the BEST option for individuals that don’t have access to an employer plan and that qualifies for a large government subsidy (usually $20k-$30k pre-taxed income). It is also the best option for individuals that have major health problems because these plans are not based on approval. If you are a family with high income and maybe only one person suffers from a medical problem, I would suggest putting that person on the public marketplace and looking at more cost effective options for the rest of the family.
Pros
- Great for someone who qualifies for large government subsidies.
- No approval process
- Good for someone with major medical issues
Cons
- Limited EPO or HMO networks (coverage does not travel out of state)
- Expensive if you are high income
- Will owe subsidy money back to them if your income increases during the calendar year
- Must renew year to year
- No coverage until high deductible is met