The Health Insurance Marketplace is coming soon! Are you currently ready to go shopping? The mandate requiring most individuals to purchase medical health insurance goes into impact on January 1, 2014 and the Marketplace will be up and running on October 1, 2013. After March 31, 2014 those that haven’t purchased medical health insurance will need to wait before enrollment period for these year.
The Affordable Care Act (ACA) has already provided benefits such as for example no further limitations on pre-existing conditions, free services such as for example vaccinations for kids and contraceptive, and allowing teenagers to stay on their parents’medical health insurance plans until age 26.
But what if you should be under 30 and healthy? Can you really should find medical health insurance? The law is clear: If you may not purchase medical health insurance you’ll pay a fee: $95 the initial year per person but should go up to 2.5% of household income or $695 per person in 2016, whichever is higher.
Those implementing the ACA have valid concerns that healthy individuals may decide to skip insurance and just pay the fee. Although it’s tempting, there are risks involved and there are ways to minimize the price of your quality of life insurance so that you benefit.
An selection for those under 30 is catastrophic insurance, high deductible or “consumer-directed” insurance plans best health insurance in colorado. These have lower monthly premiums and will include 3 well visits annually and free preventive care. Why consider this at all? These plans provide a security net for surprise serious injury or illness. If that you do not purchase medical health insurance you spend the fine in addition to any healthcare expenses you incur, which is often steep. A hospital stay due to an accident can run as high as $30,000 and medical costs are a primary reason behind bankruptcies. Deductibles may be as high as $6,400 for individuals but Health Savings Accounts (HSAs) can save pre-tax dollars and then be employed for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you may be proactive and do something you may have never done before: Head out and have the tests you want that meet your needs. HSAs can be used for informational tests that you might want to include on to provide baseline data for future reference or track potential or current health issues that you realize might cause you problems down the road. If you decide to choose a high deductible or consumer-directed plan, you will need to become a smart healthcare shopper when selecting tests and services, and not necessarily go with your doctor’s lab.
If you’re healthy and over 30, the Marketplace provides 4 options with varying premiums and deductibles. Whenever choosing your quality of life plan look at your overall health. If that you do not require many doctors’visits, then the high deductible plan may be right for you, but when you or a member of family has any medical challenges, the high deductible plan may be more expensive in the long run.