What Happens if You Don’t Have a Healthcare Plan by Now?

As you probably know, the Affordable Care Act is now in effect; the idea being that health insurance should be available and affordable to all Americans, while providing better, more stable coverage than it has in the past. This will go a long way toward a comprehensively insured population, eliminating the tough choice of whether or not to visit a doctor for uninsured individuals. An insured population equals a healthier nation.

The design of these new healthcare plans is regulated, but they are still sold by private insurers. All plans must now offer comprehensive benefits including doctor visits, preventative care (many services are now free), prescription drugs, mental health services, maternity care and hospital stays.

There’s been a lot of talk about rising healthcare costs with this new law. However, individuals and families who earn lower incomes may be eligible for tax credits to lower the cost of healthcare. This may apply to individuals who earn below $45,960 and families (of 4 people) that earn below $94,200. However, you are not eligible for tax credits if you receive employer-subsidized healthcare.

Everyone is now required by law to purchased healthcare, but what happens if don’t have a healthcare plan yet? If you do not have a health insurance policy, you can now be fined by the government. This penalty will come in one of two ways: a percentage of your annual income (increasing from one percent in 2014 to 2.5 percent in 2016) or a specified dollar amount (beginning at $95 in 2014 and exceeding $695 by 2016).

The price of the penalty fine may be less than the cost of healthcare for the first few years, but the fine will increase exponentially over several years. Not to mention, you’ll still have to pay for medical expenses 100 percent out-of-pocket, which, in itself, can exceed the cost of purchasing a healthcare plan. The best thing you can do is buy a healthcare policy as soon as possible to avoid exceedingly high future expenses and to ensure your comprehensive health coverage.

We’ve got you covered. Call Pro Player Insurance Group at 954-316-4662 for more information on Fort Lauderdale health insurance.

Understanding the Affordable Care Act

With the new healthcare exchange, called the Health Insurance Marketplace, officially open for business, many people are still unsure of what the changing landscape of healthcare means for them specifically. You can rest assured knowing that the marketplace is not a government takeover; rather, it’s a one-stop shop where you can compare insurance plans and premiums from private insurance carriers all in one place.

The purpose of the healthcare overhaul is to make health insurance (provided by trusted private carriers) available and more affordable, while providing better, more stable coverage for everyone in the country—no more stressful choices between a trip to the doctor and paying an important bill. To assist individuals who earn lower incomes, you may be eligible for subsidized (lower cost) premiums if you meet one or more of the following criteria:

• Annual income between $11,490 and $45,960 for individuals
• Annual income between $23,550 and $94,200 for a family of 4
• Medicaid and CHIP (Children’s Health Insurance Program) recipients

Once you enter the marketplace, you will be prompted to answer a few short questions about yourself. You can then review policy options and access information about a variety of healthcare topics. The marketplace’s enrollment has experienced technical glitches due to a huge wave of web traffic, but you are still able to access helpful information pertaining to healthcare and how the marketplace can assist your quest for coverage.

There are four tiers of healthcare plans—bronze, silver, gold and platinum—that offer various premiums, deductibles and co-pays. However, they all must offer comprehensive benefits including preventative care, physician visits, hospital stays and prescription drugs. Each of these plans is offered by many trusted insurance carriers for you to choose from. However, certain information is not included in the marketplace and you may want to contact the carriers of your interest for more information about the following:

• The maximum out-of-pocket expenses that you are liable for per year
• If your doctors are in-network
• The number of covered doctor visits per year
• The amount of prescription drug coverage

To motivate individuals to obtain insurance through the marketplace (for those who don’t receive coverage through their employer), a penalty will be charged starting in 2014 to those individuals with no health insurance. This penalty will be either a percentage of your income (growing from one percent in 2014 to 2.5 percent in 2016) or a specific dollar amount (starting at $95 in 2014 and growing in excess of $695 by 2016).

Still have questions about purchasing healthcare with the recent changes? Call Pro Player Insurance Group at (954) 316-4662 for more information on Fort Lauderdale health insurance.