The Health Insurance Marketplace is coming soon! Are you currently all set shopping? The mandate requiring most individuals to buy medical insurance goes into impact 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 until the enrollment period for the following 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 contraception, and allowing young adults to stay on the parents’medical insurance plans until the age of 26.
But what if you’re under 30 and healthy? Would you really need to find medical insurance? Regulations is clear: If you do not purchase medical insurance you will pay a fee: $95 the very first year per person but should go up to 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 choose to skip insurance and just pay the fee. Although it’s tempting, there are risks involved and there are methods to minimize the price of your health 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 consider this at all? These plans provide a safety net for an urgent serious injury or illness. If you do not purchase medical insurance you pay the fine along with any healthcare expenses you incur, which can 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 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 useful for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you can be proactive and take action you may have never done before: Venture out and obtain the tests you would like that meet your needs. HSAs can be utilized for informational tests that you might want to add on to offer baseline data for future reference or track potential or current health problems that you understand could cause you problems down the road. If you decide to opt for a higher deductible or consumer-directed plan, you must turn into a smart healthcare shopper when selecting tests and services, and certainly 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 current health. If you do not require many doctors’visits, a high deductible plan may be right for you, but if you or a family member has any medical challenges, the high deductible plan may cost you more in the long run.