important information for Individuals and families under age 65 Purchasing Health insurance
1. A penalty will be assessed in for any person who can afford health insurance but does not have essential health benefits with a few exceptions. You may currently have insurance coverage which meets or exceeds the minimum standards through a current insurance policy, but it is still in your best interest to know all your options and the cost of each. If you do not currently have insurance coverage and are not an exception, you will want to make a choice to purchase health insurance to avoid the penalty. The link below tells more about the penalty and who is exempt and a link to current information.
https://www.healthcare.gov/quick-guide/one-page-guide-to-the-marketplace/
2. No one can be declined or have riders for pre-existing medical conditions on a health insurance policy purchased with an effective date after 1/1/2014. This has revolutionized the way people buy health insurance!!! No more filling out pages of health questions and waiting to be accepted. Even if you currently have health insurance, you may want to look at all the options, as fear of not being accepted based on current and past health conditions is no longer a factor. For those purchasing their own health insurance, this can be life changing. Life choices such as retiring or starting a business can be made with confidence knowing health insurance can be obtained. Also, people no longer feel locked into their current plan and have the freedom to look at all the choices. Now you have the power to choose the company and plan, not the other way around.
3. All insurance plans must cover a standardized list of benefits including maternity coverage, mental health, chemical dependency, and pediatric vision coverage. There will also be NO lifetime benefits which means a company cannot put a maximum limit on how much it will pay out in benefits for your medical care.
https://www.healthcare.gov/coverage/what-marketplace-plans-cover/
4. Dependents can remain on parental insurance for any reason until age 26. However, there may be some advantages to having children on their own policies in some cases.
5. You will need to enroll well in advance of coverage starting. Check the chart below. In most cases, the earliest any new policies selected during open enrollment are effective is January 1 of the following year.. Start early to allow yourself plenty of time to make good decisions and do not wait until the last minute.
6. If you currently enrolled in a health insurance plan this year, you may be auto enrolled in the same or similar plan again for the following year. The following link gives more details.
https://www.healthcare.gov/keep-or-change-plan/
https://www.healthcare.gov/quick-guide/one-page-guide-to-the-marketplace/
2. No one can be declined or have riders for pre-existing medical conditions on a health insurance policy purchased with an effective date after 1/1/2014. This has revolutionized the way people buy health insurance!!! No more filling out pages of health questions and waiting to be accepted. Even if you currently have health insurance, you may want to look at all the options, as fear of not being accepted based on current and past health conditions is no longer a factor. For those purchasing their own health insurance, this can be life changing. Life choices such as retiring or starting a business can be made with confidence knowing health insurance can be obtained. Also, people no longer feel locked into their current plan and have the freedom to look at all the choices. Now you have the power to choose the company and plan, not the other way around.
3. All insurance plans must cover a standardized list of benefits including maternity coverage, mental health, chemical dependency, and pediatric vision coverage. There will also be NO lifetime benefits which means a company cannot put a maximum limit on how much it will pay out in benefits for your medical care.
https://www.healthcare.gov/coverage/what-marketplace-plans-cover/
4. Dependents can remain on parental insurance for any reason until age 26. However, there may be some advantages to having children on their own policies in some cases.
5. You will need to enroll well in advance of coverage starting. Check the chart below. In most cases, the earliest any new policies selected during open enrollment are effective is January 1 of the following year.. Start early to allow yourself plenty of time to make good decisions and do not wait until the last minute.
6. If you currently enrolled in a health insurance plan this year, you may be auto enrolled in the same or similar plan again for the following year. The following link gives more details.
https://www.healthcare.gov/keep-or-change-plan/
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When Enrollment Selection is Received
TO BE UPDATED |
Date Health Insurance Coverage Begins
TO BE UPDATED |
7. Once the enrollment period ends, insurance cannot be purchased or changed mid- year except for a special enrollment period for life events such as marriage, divorce, birth of children, etc. Do not plan on waiting until an emergency occurs and then purchasing insurance. If you do not enroll or have health insurance coverage at the end of the open enrollment period, you will be completely responsible for medical services and won't be allowed to enroll until the next open enrollment period for coverage to begin 01/01 of the following year.
8. You probably heard of shopping for health insurance on the “Health Insurance Marketplace”. However, there will be other companies not on the exchange also offering ACA (Affordable Care Act) compliant policies with the same standardized benefits. We can offer professional services on both, and the cost will be the same to you, if you use our services or go directly on your own.
https://www.healthcare.gov/
9. You may be eligible for a subsidy which lowers the premium. Your income and family size will determine whether you qualify and for how much. Many individual and families are expected to qualify for some assistance (up to 400% of the federal poverty level) , but the subsidy will apply ONLY to policies listed on the new federal marketplace.
https://www.healthcare.gov/lower-costs/qualifying-for-lower-costs/
10. If you do not qualify for financial assistance, in most cases you do not need to use the federal marketplace to purchase new insurance coverage. Generally, health insurance policies on the marketplace are also offered off the marketplace. In addition, some companies have chosen not be involved in the federal marketplace but offer their own health insurance plans, so there will be other choices in addition to the federal marketplace for those who do not qualify for tax credits or choose not to use financial subsidies.
11. Companies may offer new incentives, such as for wellness and preventative care, which may not be part of older policies.
8. You probably heard of shopping for health insurance on the “Health Insurance Marketplace”. However, there will be other companies not on the exchange also offering ACA (Affordable Care Act) compliant policies with the same standardized benefits. We can offer professional services on both, and the cost will be the same to you, if you use our services or go directly on your own.
https://www.healthcare.gov/
9. You may be eligible for a subsidy which lowers the premium. Your income and family size will determine whether you qualify and for how much. Many individual and families are expected to qualify for some assistance (up to 400% of the federal poverty level) , but the subsidy will apply ONLY to policies listed on the new federal marketplace.
https://www.healthcare.gov/lower-costs/qualifying-for-lower-costs/
10. If you do not qualify for financial assistance, in most cases you do not need to use the federal marketplace to purchase new insurance coverage. Generally, health insurance policies on the marketplace are also offered off the marketplace. In addition, some companies have chosen not be involved in the federal marketplace but offer their own health insurance plans, so there will be other choices in addition to the federal marketplace for those who do not qualify for tax credits or choose not to use financial subsidies.
11. Companies may offer new incentives, such as for wellness and preventative care, which may not be part of older policies.