Over the past year you may have already started to see a change in health insurance. These changes are only just beginning and are said to be taking full effect in 2014. Like most changes, some people are for the change taking place, and others are very against it. While we are not here to tell you to take a stance in either direction, we want to make sure that you are given the knowledge to make an informed decision with actual facts to back it up.
A law was passed in 2010 stating that by the year 2014 all United States citizens would be required by law to have health insurance. This law that was passed is called: “The Patient Protection and Affordable Care Act”. The way that this law will be enforced is that you will be charged a penalty at tax season if you do not have health insurance. How will the amount you owe be determined? Simple, you will pay either “$95 or 1% of your income, whichever is greater”. The amount will increase yearly and in 2016 and any years following, you will pay either “$695 or 2.5% of your annual income”. This money will simply never be seen by you, it will just be taken out of your taxes automatically.
How can you prepare for this change? You can prepare for the changes taking place in 2014 by looking into individual health insurance today. Start looking for reliable brokers who sell individual health insurance and you will be on your way to receiving the cheapest rates for health insurance. Also, most states are going to have an exchange, where you will be able to see the rates of insurance and compare what each plan offers. Contrary to popular belief health insurance can be very affordable and will certainly cost you less than if you were paying out of pocket for all hospital and doctor visits. And what if the lowest premium is still not leaving you with enough money to buy groceries? If you qualify, the government will assist you in paying for your monthly premium. To qualify, “you have to earn less than $14,400, but less than 400 percent of the poverty level, which in 2010 was $43,320 for a single person and $88,200 for a family of four”.
All plans offered in 2014 and on will be required to include “office visits, hospitalizations, and prescription drug coverage”. These plans will be broken up into Bronze Plans, Silver Plans, Gold Plans, Platinum Plans, and Catastrophic Plans. The plans will be offered to individuals and groups alike. Health employers as well will be required to offer health insurance to their employees or will be fined. What is interesting is that some smaller employers who have fifty employees or less may end up paying less, if they pay the fine than if they were to pay for their employees to all have health insurance.
Another important piece of information about the changes taking place in 2014 is that, up to this point pre-existing conditions would determine whether you were eligible for a health insurance Ohio plan. Those who have pre-existing conditions will be relieved to know that starting in 2014 insurance companies will no longer be able to deny you because of pre-existing conditions. As of 2014 you will no longer be able to have health insurance “refused to you” and “expenses that are related to your pre-existing condition will not be able to be refused to you”.
Continue to keep your eye out for any new changes that may develop between now and 2014. As some will find, these changes will affect them, in other cases people may not see a difference in their health insurance Ohio plans or policies. Whatever your case may be, continue to be educated about what is changing in your country, so that you can be assured you are receiving the best benefits for you and your family.
Tracy McManamon is a licensed consultant with over 22 years of experience representing major health insurance Ohio companies. He offers professional and friendly advice to clients in need of affordable health insurance Ohio plans.