The Health Insurance Marketplace is coming soon! Have you been ready to go shopping? The mandate requiring most individuals to buy medical insurance goes into effect on January 1, 2014 and the Marketplace is going to be up and running on October 1, 2013. After March 31, 2014 people who haven’t purchased medical insurance must wait before enrollment period for these year.
The Affordable Care Act (ACA) has provided benefits such as for example no more limitations on pre-existing conditions, free services such as for example vaccinations for kids and birth control, and allowing young adults to keep on the parents’medical insurance plans until age 26.
But what if you’re under 30 and healthy? Would you should find medical insurance? What the law states is very clear: If you may not purchase medical insurance you’ll pay a fee: $95 the initial year per person but will go around 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, you will find risks involved and you will find methods to minimize the cost of your health insurance so that you benefit.
An choice 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 look at this at all? These plans provide a security net for an unexpected serious injury or illness. If you do not purchase medical insurance you spend the fine as well as any healthcare expenses you incur, which may be steep. A hospital stay because of an incident can run as high as $30,000 and medical costs are a primary cause of bankruptcies. Deductibles might be as high as $6,400 for individuals but Health Savings Accounts (HSAs) can save pre-tax dollars and then be used for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you may be proactive and take action you may have never done before: Venture out and obtain the tests you need that meet your needs. HSAs may be used for informational tests that you may want to incorporate on to offer baseline data for future reference or track potential or current health conditions that you realize might cause you problems down the road. If you determine to opt for a top deductible or consumer-directed plan, you must turn into a smart healthcare shopper when selecting tests and services, and definitely not go along with your doctor’s lab.
If you’re healthy and over 30, the Marketplace provides 4 options with varying premiums and deductibles. When selecting your health plan look at your overall health. If you do not require many doctors’visits, then a high deductible plan might be right for you personally, but if you or a relative has any medical challenges, the high deductible plan may be more expensive in the long run.