With 2014 just around the corner there’re still quite a number of changes that are in the process to prepare for health care reform. 2013 is known as the “bridge year” meaning this is the year before all major changes are going to take place, but there are few things you may want to consider now in order to prepare yourself for the upcoming changes. Here are the top three for individuals: –
Individual mandate- For individuals who do not purchase health insurance, the penalty will be 1% of your income or $95 whichever is greater, that fee will rise to $695 or 2.5% of income by 2016 heads of household will pay this fee for every member of the family. Incomes over 138% of level will receive subsidiaries.
Expansion of Medicaid- Medicaid will be expanded for people with income of $15,000 per individual. Medicaid is a program with no monthly premium and no co pays or payments for services, while Medicaid may cover more people; doctors, clinics, pharmacies do not have to accept Medicaid which will most likely be up for debate next.
Pre Existing Conditions- In January insurers can no longer refuse coverage to you due to a pre existing condition and the health care reform exchanges will be set up. An exchange is like an online insurance mega mall that will give you options based on your zip code, earnings and age. The exchanges will be accepting applications in October, however our agency will still be able to perform many of the same duties as the exchange and allow you to speak with a live and local person at all times.
If you currently purchase your health insurance at work there are big changes coming in that department as well as depending on the number of employees the company has on its payroll. More information on that topic will be included in our next newsletter.
If we can be of any assistance to you, your family, friends or co workers with health coverage, Medicare planning, life insurance, disability coverage, dental, vision or annuities. Please contact us to set up an appointment.