Obamacare is the popular name for the Affordable Care Act (ACA), a healthcare reform passed in 2010 in the United States under the administration of President Barack Obama. Its main objective is to reduce people’s medical costs through the tax credit given to them by the government to reduce the cost of the monthly insurance premium.

To be eligible for Obamacare, a person must meet the following basic requirements:

-Have legal immigration status in the United States: citizens, permanent residents (green cards), refugees, asylees, holders of certain visas, among others.

-File your tax return.

-Not be incarcerated at the time of the application.

-Not having other qualifying coverage such as: Affordable health insurance offered by the employer or public programs such as Medicare or Medicaid.

Called the Premium Tax Credit (PTC), it is a federal subsidy provided, based on estimated annual household income, to reduce the monthly premium cost of health insurance purchased through the Marketplace.

Medicare is the federal health insurance program for people who are 65 and older, certain younger people with disabilities, people with end-stage renal disease (end-stage renal disease requiring dialysis or a transplant, sometimes called ESRD).

IUL (Indexed Universal Life) is a type of indexed universal life insurance that combines:

-Death benefit: The beneficiary(ies) receive a federal tax-free payment when the insured dies.

-Accumulates cash value: Accumulated money that the insured can access during their lifetime tax-free.

An annuity is a financial contract with an insurance company designed to save money over the long term and convert that money into guaranteed periodic income for the future. An annuity is a financial planning tool.

It is a type of life insurance designed to primarily cover the costs associated with the death of a person.

It’s typically a low-coverage policy (generally up to $30,000), designed to ensure family members aren’t burdened with debt or immediate expenses after the loss of the insured person.