OBAMACARE / ACA OPEN ENROLLMENT NOV 1, 2015 – JAN 31, 2016 Why should I buy insurance? Besides this being the law, imagine to no longer sit forever at the County Hospital emergency room nor face exorbitant bills in the mail. ACA mandates insurers to:
Cover pre-existing conditions (figuratively speaking, the “house is on fire” and I am covered), without extra charge;
Avail maternity, preventative exams;
Not impose annual or lifetime limits on benefits;
Charge the same premium regardless of gender or health status;
Keep dependents on parents’ plan until age 26 if so desired.
What if I don’t sign up? If you don’t have coverage in 2016, you’ll pay not just the out-of-pocket charged by health care providers, but also a penalty of either 2.5% of your income or $695 per adult, $347 per child under 18 – whichever is higher (unless you are below tax filing threshold).
How much will it cost? Depends. You qualify for subsidy the form of a Premium Tax Credit what will be used to pay your insurance premium if you make 100-400% of Federal Poverty Level (FPL) income relative to family size. For 100-250% of FPL income levels, there is additionally Cost Sharing Reduction if a certain plan is chosen. Under certain circumstances, you may pay 0 premium or even get a tax credit higher than your premium.
Should I buy the lowest cost plan? Depends on age, family health history.
Some companies offer cheaper plans than others. A health insurance can’t be reduced to 1 number. You’ll find out latest when you get ill. You can do your own research. Be assured, there are professionals who take quite some time understanding different plans. If, additional to your research, there is help one-on-one to bounce off your understanding, when would you want to find out?
Disclaimer: Information provided in this handout is the over-simplified version of ACA. All information must be verified independently through a licensed insurance agent. The authors and distributors of this hand-out release themselves of any liability that could arise as a result of information interpreted and construed form this hand-out. Tags: ObamaCare, Affordable Care Act, ACA, Open Enrollment, AVRH, Asset Insurance Agency