What is Qualifying Health Coverage in Health Insurance?
<lingo>Health insurance that meets the requirements of coverage as set forth in the Affordable Care Act is known as Qualifying Health Coverage. Sometimes known as minimum essential coverage or MEC, having qualifying health coverage means you are not required to pay a penalty for being uninsured through the end of 2018. As of 2019, penalties associated with lack of coverage have gone away. Qualifying Health Coverage includes insurance purchased through the Healthcare Marketplace, employer-sponsored plans, and coverage through Medicaid, Medicare or the Children's Health Insurance Program (CHIP).</lingo>
Qualifying Health Coverage Explained
Qualifying Health Coverage is any health insurance that meets at least the minimum qualified plan requirements as defined by the Affordable Care Act. These include plans that follow established limits on cost sharing such as deductibles and co-payments, and provide essential benefits. Many types of coverage count as qualified, including:
- Plans purchased through the Health Insurance Marketplace
- Employer-sponsored plans that meet minimum qualified plan requirements
- Plans through Medicaid, Medicare and the Children's Health Insurance Program
- TRICARE plans
- COBRA coverage
<twitter>Health insurance that meets the requirements of coverage as set forth in the Affordable Care Act is known as Qualifying Health Coverage.</twitter>
Until the end of the 2018 plan year, individuals were required to have Qualifying Health Coverage; those who did not have qualifying coverage were required to pay a fee known as the Individual Shared Responsibility Payment. Also called the individual mandate, this penalty is no longer required as of the 2019 plan year.
<zipcode>Get the best rates in your area and start saving:</zipcode>