The way Will probably this Health Insurance Marketplace (Exchange) Have an impact on People?

November 19, 2020 Health  No comments

Believe it or not, 2013 is half over. Even as we begin the second 50% of the entire year, there are some big changes coming that’ll affect you whether you realize it or not. It wasn’t sometime ago whenever we had a huge divide inside our country within the healthcare reform and the passing of PPACA (Obama Care) in 2010. Since then, there have been small changes occurring in medical insurance industry, and most likely, your health insurance policy. However, plenty of these changes have gone unnoticed by most people.

That is all about to change! Starting January 1, 2014, four of the largest changes in the reform legislation are set to be implemented colorado health insurance marketplace. This is when the “rubber will meet the trail” and it all goes from theory into practice. If this can be a big success or another financial burden on our national debt, only time will tell. But, what’s important now is to understand what is expected of you and/or your business and which decisions are best for you.

The 4 biggest changes are:

Individual Mandate- The PPACA requires all Americans and legal residents to get qualified health insurance coverage. If not, then you definitely can pay the absolute minimum fine of $95 around 1% of one’s household income. The fines increase in 2016 to $695 per person or 2.5% of income around $2085.

Guaranteed Coverage- Coverage can’t be declined as a result of pre-existing conditions. For persons who have been unable to have coverage on the average person market as a result of pre-existing health conditions, they’ll now have the ability to get the exact same coverage and price as a healthy person the exact same age (smokers are charged additional).

Health Insurance Marketplace (Exchange)- For individuals and small businesses, the Federal government and some states will offer an Exchange to access health insurance as well as the traditional way of an insurance agent/broker. In fact, some insurance agents/brokers provides plans both inside and beyond your Federal or State Exchange. The 2 important points are 1.) a person can only qualify for a subsidy and 2.) a small business can only qualify for the little business tax credit via a Federal or State Exchange. The Enrollment for the Exchanges opens October 1st this year.

Pay or Play Rule- For businesses with 50 (FTE/Full-Time Equivalent) employees or even more, an affordable “minimum essential coverage” health plan must certanly be provided with their employees or pay a fine. If a small business does not provide qualified coverage, the penalty would be the lesser of ($2000 times the # of F/T employees minus 30) or ($3000 times the # of F/T employees that obtain a subsidy for coverage through the Exchange). This penalty is decided on a regular basis so can pay 1/12 those amounts times the # of months they’re not in compliance.
They are the largest, but definately not the only real, changes which are coming in 2014. How will you be affected? Are you aware the best way of take? For a few, may very well not see much difference. For anyone individual and businesses who would like answers to your questions, my suggestion is to speak having an agent/broker which will be providing coverage both inside and beyond your Exchange to compare your options and help you make the best decision.

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