ObamaCare Coverage Basics

Navigating ObamaCare, also referred to as the Affordable Care Act, can be difficult due to ongoing changes.

Understanding what the act does (and does not) cover and how it may affect your family is important, especially if you plan to travel outside of the state.

In this post, we’ll offer a few tips for knowing where to get ObamaCare coverage. We’ll also offer tips for using coverage and avoiding mishaps.

Federal Exchange or a State Exchange?

Your health coverage under the Affordable Care Act (read our recent post “What is ObamaCare”?) is purchased through your state exchange, even when you’re technically purchasing from the federal exchange. But, keep in mind that if you purchase insurance from the federal exchange in the state of Indiana, it does not allow you to be treated at any medical facility outside of Indiana unless the incident is an emergency or is life threatening.

If you live in the Evansville area and purchase insurance for your family from the Indiana exchange and take your child to Riley Children’s Hospital in Indianapolis, the exchange will most likely not cover that care. As you can see, it’s important to read the fine print and understand what will (and will not) be covered by the Affordable Care Act.

If I’m Traveling, Can I Get the Care I Need?

If you have an accident or fall ill while traveling, then there are exceptions. In most cases, your bills will be covered to the extent of the insurance. However, it is important to understand that even if you purchased coverage from the “federal” exchange, it does not entitle you to coverage in other states or even all parts of the state you reside in.

Still trying to make sense of it all? The Baker Wealth Management team is here for you. And with the Affordable Care Act impacting this year’s tax return, it’s a good idea to give us a call to get it all straightened out. We have been serving the greater Evansville area for nearly thirty years.

Call Baker Retirement and Wealth Management today at 1-866-244-3517.

Free ObamaCare Tax Consultation
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