Affordable Care Act
A qualified health plan (QHP) is a major medical health insurance plan that covers all the mandatory benefits of the Affordable Care Act (ACA or “Obamacare”).
A qualified health plan is also eligible to be purchased with an advanced premium tax credit, also know as an Obamacare subsidy.
A qualified health plan must offer a certain number of mandatory benefits, as explained in the graphic below. Since Obamacare has been in place, most people had to have a qualified plan with minimum essential benefits, or else face a fine. At the end of 2017, the individual mandate was repealed, so in 2019 there will no longer be fines for not having a Obamacare qualified health insurance plan.
Until then, it’s still important to know what a qualified health insurance plan looks like in order to avoid a fine in 2018.