The Health Insurance Marketplace is coming soon! Are you ready to go shopping? The mandate requiring most individuals to get medical insurance goes 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 insurance must wait before the enrollment period for the following year.
The Affordable Care Act (ACA) has already provided benefits such as for instance no further limitations on pre-existing conditions, free services such as for instance vaccinations for children and contraception, and allowing young adults to keep on their parents’medical insurance plans until the age of 26.
But what if you’re under 30 and healthy? Would you should find medical insurance? What the law states is clear: If you may not purchase medical insurance you’ll pay a fee: $95 the initial year per person but should go as much as 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, there are risks involved and there are approaches to minimize the cost of your wellbeing insurance so 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 each year and free preventive care. Why consider this at all? These plans provide a security net for an unexpected serious injury or illness. If you never purchase medical insurance you spend the fine in addition to any healthcare expenses you incur, which can be steep. A hospital stay due to an incident can run as high as $30,000 and medical costs are a primary reason behind bankruptcies. Deductibles might 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 do something you could have never done before: Venture out and have the tests you would like that meet your needs. HSAs can be used for informational tests that you may want to include on to supply baseline data for future reference or track potential or current health problems that you know could cause you problems down the road. If you decide to go with a high deductible or consumer-directed plan, you must become a smart healthcare shopper when selecting tests and services, and definitely not go 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 wellbeing plan look at your general health. If you never require many doctors’visits, then the high deductible plan might 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.