The Affordable Healthcare Act came into law in the year 2010. But recent health care reform laws have brought a new era of health insurance coverage. Now, more members of your family can be covered by health insurance. You will also have access to additional free preventive care.
From October 1, 2013, you are empowered by the Affordable Healthcare Act to shop for health and dental insurance at “marketplaces”. Some folks will be able to obtain tax credits to enable them to afford a policy. Hence, nobody will be turned away when they are sick. In fact, no insurer can put a cap on the amount of money they will pay for your healthcare bills. Read on to learn more about the Affordable Care Act.
Now, you can buy cheaper health insurance through a marketplace. Each state in the nation has its own marketplace. So you can easily go there to select your coverage options and pick a plan that will suit your needs. Marketplaces are available online. You can also appear in person or interact on the phone.
At each marketplace, you will meet officials who are trained to answer your questions. If you need help with your health insurance, you can use the live chat feature at healthcare.gov or contact the call center.
At the marketplace you will see four levels of health insurance. You can choose from bronze, silver, gold or platinum. These plans differ in terms of the value of the premium, cost sharing and cost per month. Bronze insurance plans pay 60% of medical bills, silver pays 70%, while gold and platinum will cover 80% and 90% respectively.
When you visit a health insurance marketplace, you could qualify for a tax credit’ that will be paid to you in advance to help you cover your premium costs. For instance, if you are part of a family of 4 and your income ranges between $23,500 and $94,200 annually, you can save on insurance costs through tax credits and deductibles.
Medicaid is the federal government sponsored health-care program for low-income Americans. So if your income is 133% below $31,000 per year (the federal poverty level), you qualify for Medicaid. You may visit the federal government health care website for details on where your family falls.
Women and Kids Women and children enjoy greater protections under the Affordable Healthcare Act. Insurers are not allowed to charge higher premiums for women. Pregnancy, childbirth and breast-feeding support are covered by all available plans. Dental insurance is covered for kids. All plans also provide kids with vision coverage.
Small businesses with less than fifty full time employees have the option to choose whether or not they will offer coverage starting from 2014. New marketplace options are available for all small businesses. In addition, businesses with less than 25 full time employees may qualify for tax credit to assist in paying for insurance.
Finally, it’s also important to note that by January 1st 2014, if you’re not insured you will be required to pay a fine of 1% of your annual earnings or $95. And the fine will increase every year. So the best option will be to take full advantage of the new benefits of the Affordable Healthcare Act and get the most suitable health insurance cover today.
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