Home Affordable Care Act Individual health insurance for you and your family – Part 1

Individual health insurance for you and your family – Part 1

There are many changes coming with the Affordable Care Act – also known as “Obamacare”.  This Federal Law passed in 2010 was to help more people get affordable health coverage and receive better medical care.  With 30 million uninsured, this will be a big job!  Open enrollment begins October 1st for a January 1st, 2014 effective date.

Individual mandate requires all US citizens purchase “minimum essential coverage” to avoid penalties. 

You have three choices:  Employer coverage, Individual coverage (in or out of the state exchange), or go uninsured and pay a penalty.

Subsidies (financial assistance for exchange plans only) available to individuals and families with incomes between 138%-400% of the Federal Poverty Level.  Single adults below $46,000 and family of 4 below $94,000 could be eligible for help, as long as they don’t have affordable coverage through their employer.

Cost-sharing Subsidies reduce deductibles and co-pays.  Tax Credits or Premium Credits reduce premiums.

Medi-Cal – No cost insurance – is being expanded to includes persons with incomes up to 138% of the Federal Poverty Level.

Come 2014 everyone will be guarantee issue – no underwriting questions on the new applications, no problem if you have a pre-existing condition.  However everyone must participate in the plan to make it work – the young & older, the healthy & sick.  More to come –

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