Consumers who qualify for subsidies through the exchange, can choose to receive subsidies in the form of reduced premiums. Or, if they choose, can pay the full premium and receive the credit when filing their tax return. Care needs to be taken when calculating income to avoid additional taxes at end of year.
Category Archives: Individual Health Plans
Understanding the Affordable Care Act (ACA)
The way Americans receive health care will be changing starting in 2014. With individual “Open Enrollment” just around the corner (October 1st - December 15th) much confusion still exists. The Kaiser Family Foundation released a new animated video to help people understand the health care system changes on the horizon. “The You Toons Get Ready for Obamacare” explains the basic changes in the way American will get health coverage. For help in navigating the new system and for questions regarding help with federal tax credits, contact your health professional
New Health Exchanges May Mean Fewer Choices
Nearly half of all proposed health insurance exchange plans examined in a McKinsey & Co. analysis were health-maintenance organization (HMOs) or similar plans, and many others have networks that limit the choices of doctors and hospitals. That could force some people to choose between switching doctors or paying out of pocket.
Keeping Premiums Affordable
Self Directed Plans (H.S.A.s & H.R.A.s) The Focus of many Group Plans
To Keep cost down and provide quality benefits, many employers are turning to H.S.A.s & H.R.A.s. H.S.A. plans are also available for individuals.
Questions & Answers
Should I purchase my individual plan through the exchange? If you are a family of four with income of less than $94,200, or an individual with income of less than $45,960, you may qualify for assistance through the exchange. If not, the same plans are sold in or outside of the exchange. We will be able to assist you in either case.
Will I have to change the plan I currently have for a new plan to meet the federal requirements? If you enrolled in your current plan on or before March 13, 2010, yours likely is a grandfathered plan. Thus your can stay on that plan if you choose. New plans will become effective for all non-grandfathered plans on the enrollment date of your current plan.
If I have an existing condition, will I be able to purchase coverage? Effective January 1, 2014 all plans are “Guaranteed Issue”, meaning there are no health qualification for coverage. The open enrollment for January 1, 2014 effective date begins October 1st.
What type of financial information will be required to qualify for assistance? The Obama administration has eliminated the financial documentation requirements and will rely on “Self Reported” information until 2015. The $25,000 penalty remains the same for those who fib on their income.