The Health Insurance Marketplace is coming soon! Are you all set shopping? The mandate requiring most individuals to buy medical health insurance switches into effect on January 1, 2014 and the Marketplace is likely to be up and running on October 1, 2013. After March 31, 2014 those that haven’t purchased medical health insurance will have to wait until the enrollment period for the next year.
The Affordable Care Act (ACA) has provided benefits such as no longer limitations on pre-existing conditions, free services such as vaccinations for children and contraceptive, and allowing young people to keep on their parents’medical health insurance plans until age 26.
But what if you should be under 30 and healthy? Would you really should find medical health insurance? The law is very clear: If you may not purchase medical health insurance you’ll pay a fee: $95 the first year per person but should 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 can find risks involved and you can find approaches to minimize the cost of your wellbeing insurance so 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 per year and free preventive care. Why look at this at all? These plans provide a security net for an urgent serious injury or illness. If that you don’t purchase medical health insurance you spend the fine as well as any healthcare expenses you incur, which may be steep. A hospital stay as a result of an accident can run as high as $30,000 and medical costs certainly are a primary cause of bankruptcies. Deductibles may be as high as $6,400 for individuals but Health Savings Accounts (HSAs) can save pre-tax dollars and then be useful for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you can be proactive and make a move you might have never done before: Venture out and get the tests you would like that meet your needs. HSAs can be utilized for informational tests that you may want to include on to offer baseline data for future reference or track potential or current health conditions that you realize may cause you problems down the road. If you determine to opt for a top deductible or consumer-directed plan, you will have to turn into a smart healthcare shopper when selecting tests and services, and certainly not go together 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 wellbeing plan look at your current health. If that you don’t require many doctors’visits, then the high deductible plan may be right for you, but when you or a family member has any medical challenges, the high deductible plan may be more expensive in the long run.