The Health Insurance Marketplace is coming soon! Are you currently ready to go shopping? The mandate requiring most individuals to purchase health insurance adopts impact on January 1, 2014 and the Marketplace is going to be up and running on October 1, 2013. After March 31, 2014 those who haven’t purchased health insurance will need to wait until the enrollment period for these year.
The Affordable Care Act (ACA) has recently provided benefits such as for instance no more limitations on pre-existing conditions, free services such as for instance vaccinations for children and birth control, and allowing young people to stay on their parents’health insurance plans until age 26.
But what if you should be under 30 and healthy? Do you really should find health insurance? What the law states is very clear: If you do not purchase health insurance you’ll pay a fee: $95 the first 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 opt to skip insurance and just pay the fee. Although it’s tempting, you can find risks involved and you can find ways to minimize the price of your health insurance so that you benefit.
An option 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 safety net for an urgent serious injury or illness. If that you don’t purchase health insurance you pay the fine in addition to any healthcare expenses you incur, which may be steep. A hospital stay due to an incident can run as high as $30,000 and medical costs are a primary reason for bankruptcies. Deductibles may 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 do something you may have never done before: Go out and get the tests you would like that meet your needs. HSAs may be used for informational tests that you might want to include on to supply 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 go with a high deductible or consumer-directed plan, you will need to become a smart healthcare shopper when selecting tests and services, and certainly not go with your doctor’s lab.
If you should be healthy and over 30, the Marketplace provides 4 options with varying premiums and deductibles. When selecting your health plan look at your current health. If that you don’t require many doctors’visits, a high deductible plan may be right for you, but if you or a member of family has any medical challenges, the high deductible plan may cost you more in the long run.