The Affordable Care Act is here and in full swing. 2014 is the first year that all American taxpayers are required to be covered by some form of individual health insurance. Rather than face tax penalties, you have options for finding affordable health insurance policies to cover you and your family.
One of the most affordable ways to acquire health insurance is to purchase it through the state health exchanges. These are state-managed programs that apply federal tax credits to your health insurance premium and, in effect, reduce your out-of-pocket monthly costs. Open enrollment for these programs will typically run from November through February, and may vary slightly by state. If you are an individual with lower income and are eligible for Medicaid, you will typically be able to enroll all year round.
If you missed the open enrollment period, your next option will be to purchase individual health insurance outside of the marketplace. You will have to pay full price and will not be able to apply the tax credit to the monthly bill, but you will reduce or eliminate any potential tax penalties. Getting a price quote is easy and you can often times get a preliminary quote online within a fairly short amount of time.
There are many companies online whose websites offer insurance premium comparisons and the web pages explain all of the affordable plans for you to choose from. These sites can be an invaluable tool when navigating through various plans and costs. You may even be able to sign up for a policy and pay for it right from the site once you are deemed eligible
The average hospital stay can cost more than you earn in a month. A trip to the hospital will result in charges from the hospital, the ambulance company, and the doctors and specialists that treat you. These expenses add up quickly and exponentially. Protect your savings and keep it in the bank by purchasing individual health insurance. You will not only save yourself money in the long run, but you will also give yourself and your family peace of mind.
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With changes in legislation stemming from the Affordable Care Act, it seems that it is even more important to understand affordable individual health insurance plans. New health insurance innovations allow consumers to choose the right plan for them, rather than being stuck with a one-size-fits-most plan. Allowing individuals to choose plans that address areas that matter most to them will facilitate the best care and support for all Americans.
Click here to read the full article for Market Watch.
The 2013 Federal Employee Benefits Survey showed that government employees have ranked their individual health insurance programs as one of the most important benefits to them. Retirement savings were also ranked highly, and employees have states that these programs “meet their needs and provide value for the money.”
Click here to read the full article by Eric Yoder for Washington Post.
Some small and medium businesses are considering reimbursing employees for individual health insurance, rather than providing group health insurance. One clear advantage is that individual health insurance is much less costly and provides many more options for employees. This is a newer approach to employer/employee health insurance plans and may become a popular option in the coming years.
Click here to read the full article by Midland Daily News.
Bringing health insurance to the new generation of millennials will be critical for the insurance industry and for the health of young people in the coming years. Educating young people about insurance and providing plenty of information about options for individual health insurance will likely turn millennials into insurance-savvy Americans.
Click here to read the full article by Kelly Sheridan for Insurance & Technology.
With family and individual health insurance costs on the rise, the concept of cost-sharing has been discussed on a variety of levels. It has been seen that charging consumers directly for part of their health care costs might put poor and sick people in harm’s way, as they may avoid seeking treatment to avoid paying for part of the cost. Many argue that for the healthy, though, cost-sharing is a good option. Recent studies suggest that moving toward even more cost-sharing will not, however, lead to very significant savings for group or individual health insurance.
Click here to read the full article by Austin Frakt for the New York Times.
Finding individual health insurance has always been complicated for some people in the past. Just because health insurance is now required to avoid a tax penalty does not make it any easier to navigate. In some cases, it has made things even more confusing for people. The trick is to find a good health exchange website on which you can compare a lot of different companies. In many respects, finding health insurance is much the same as it always has been. Continue reading How to Find an Individual Health Insurance Plan