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Most individuals will be required to obtain health insurance coverage or they will be required to pay a fee this year. The fees start small and increase gradually over the next few years. If affordable coverage is not available to an individual, he or she may be eligible for an exemption. If you have employer healthcare coverage, Veteran’s benefits, or other “creditable coverage”, you may also avoid paying the fee.
Better benefits mean better health. Enroll at the right time.
Individual Healthcare plans will become more benefit-rich and are now also guaranteed issue. Subsidies will be available to help a lot of people pay a portion of the cost, as long as they purchase through the Healthcare Insurance Marketplace. Individual plans are available both in and out of the exchanges, during Open Enrollment, or within 30 days of a qualifying event.
Under Federal Affordable Care Act guidelines, individuals will have one open enrollment period each year when they can apply for coverage. These dates may fluctuate and change over the next few years, as necessary adjustments are made to the program. Each state, as well as individual insurers may also have their own open enrollment periods at different times throughout the year.
Understand the value of the plan you choose.
Another new change ACA has brought requires that all major medical health insurance plans for individuals and small employers have specific Bronze, Silver, Gold and Platinum metal levels of coverage. These new metal levels of coverage actually refer to a plan’s actuarial value level or AV. An actuarial value represents the percentage of benefit costs the health insurance plan shares with the insured individual in a given year.
Insurers may also offer catastrophic-only coverage to individuals who qualify.
These new metal levels simplify insurance options and allow you to compare plans with similar plans. Our H.E.L.P. Agents will help you qualify and choose a plan that’s right for you & your family.