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9 Affordable Care Act Facts to Know

  October 14, 2021  |    #Eliminate Debt

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Affordable Care Act facts

With the ever-evolving changes to the Affordable Care Act, it’s important to keep up with all the updates. Here are 9 [updated] Affordable Care Act facts to know. Have more leverage to cover your own healthcare with less credit card debt with the free 7-Step Credit Card Debt Slasher here.

The Affordable Care Act

On episode #26 Queer Money®, we talked with co-founder and CEO of Policygenius, Jennifer Fitzgerald.

Jennifer gave us the 411 of the ACA as it was in 2016, as President Obama’s second term was ending and President Trump’s first [and last term] was about to begin. Jennifer shared that research showed that consumers spend more time choosing their phone plan than their healthcare plan.

We aimed to fixed that.

CEO of Policygenius Jennifer Fitzgerald on the Affordable Care Act:

Is the Affordable Care Act still confusing to you?

While the Affordable Care Act still has its challenges, it did slow the rise of the cost of healthcare and expand coverage even to those folks with pre-existing conditions. That was huge!

It also provided 10 essential health benefits that include but aren’t limited to:

  • Preventative and wellness benefits, including for chronic disease
  • Maternity & newborn care coverage
  • Mental & behavioral health treatment, including alcohol, drug and other substance abuse and addiction
  • Services and devices to help people with injuries, disabilities or chronic conditions
  • 100% of the cost of tests if doctors use them to diagnose an illness
  • Pediatric care

What should you know about the ACA today?

First, know that President Biden signed an executive order due to COVID-19 for a second ACA enrollment period between February 15 – May 15. So, if you’ve recently lost your job and lost your employer’s healthcare or simply didn’t get around to get coverage during the traditional open enrollment period, here’s your chance.

Second, research to ensure that you or your family don’t qualify for subsidies. This was a major point of concern that Jennifer called out, as of 2016, many folks weren’t applying for subsidies even when they qualified.

For 2021, folks who earn between one and four times the Federal Poverty Level (FPL) qualify for subsidies. That could offset your cost of health insurance between $12,760 – $51,040 if you’re filing individually or $26,200 to $104,800 if you’re a family of up to four people.

To qualify, you must be a US citizen, not receiving coverage from an employer or Medicare, Medicaid, the Children’s Health Insurance Program (CHIP) or other forms of public assistance. Finally, if you’re married, you must be filing your taxes jointly.

All that said, many people who qualify for subsidies, don’t apply for or take advantage of them. This is an unnecessary cost to American households. Go to for more information.

Get our Affordable Care Act facts [updated] for 2021 and beyond:

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We’re David and John Auten-Schneider, the Debt Free Guys ( and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.

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