ObamaCare Health Insurance Reform Is Here - Guaranteed Issue Major Medical Health Insurance
Guaranteed issue major medical health insurance is finally here, and it is coming in the form of government mandated health insurance offered through State Exchange 'marketplaces'.
Some states are deferring to the Federal Government for the Federal Exchange program, to be administered by the Centers for Medicare and Medicaid Services (CMS).
Other states, such as California, will run their own state based exchanges. And a few other states will have their own state-based exchange, but in 'partnership' with the Federal government. Each state will still go by a series of 'metal' plans which they will be offering- bronze, silver, gold and platinum, which equates approximately to 60% coverage, 70%, 80% and 90% coverage, respectively. There will likely be a catastrophic coverage option offered as well, which would equate to approximately 50% coverage, in actuarial terms.
In each case, the open enrollment election period begins in October, for enrollee coverage to begin January 1, 2014. This means that for those with pre existing health conditions, who may have had difficulty qualifying for major medical coverage, there will be no denial for preexisting health conditions any longer. The question is whether the rates charged will be affordable or not. The good news is that for lower to moderate income families, there likely will be offered a tax credit subsidy lowering the premium rate dollar for dollar by the amount of the subsidy. The enrollee will not need to wait for the tax credit upon filing their tax return the following year. In many cases the amount of the tax credit subsidy could be potentially quite substantial.
There are some websites which allow you to estimate what your rates would be. For example, for California residents, the website is http://www.coveredca.com/calculating_the_cost.html.
Website: http://www.caretrustlife.com
On this site, it allows the viewer to calculate the approximate cost of the 'Silver' plan option offered. The primary factors driving the cost and tax credit subsidy amounts are the age of the enrollee, as well as household income and the number of family members living in the household.
A good insurance broker who is going to be affiliated with these new State based exchange programs should also be able to help you determine your family's rates also, especially as we get nearer to the first ever open enrollment season. They should also be able to determine what your approximate penalty would be for failing to enroll in qualified health coverage. The penalties for electing to go without coverage will increase every year through 2016.
Some states are deferring to the Federal Government for the Federal Exchange program, to be administered by the Centers for Medicare and Medicaid Services (CMS).
Other states, such as California, will run their own state based exchanges. And a few other states will have their own state-based exchange, but in 'partnership' with the Federal government. Each state will still go by a series of 'metal' plans which they will be offering- bronze, silver, gold and platinum, which equates approximately to 60% coverage, 70%, 80% and 90% coverage, respectively. There will likely be a catastrophic coverage option offered as well, which would equate to approximately 50% coverage, in actuarial terms.
In each case, the open enrollment election period begins in October, for enrollee coverage to begin January 1, 2014. This means that for those with pre existing health conditions, who may have had difficulty qualifying for major medical coverage, there will be no denial for preexisting health conditions any longer. The question is whether the rates charged will be affordable or not. The good news is that for lower to moderate income families, there likely will be offered a tax credit subsidy lowering the premium rate dollar for dollar by the amount of the subsidy. The enrollee will not need to wait for the tax credit upon filing their tax return the following year. In many cases the amount of the tax credit subsidy could be potentially quite substantial.
There are some websites which allow you to estimate what your rates would be. For example, for California residents, the website is http://www.coveredca.com/calculating_the_cost.html.
Website: http://www.caretrustlife.com
On this site, it allows the viewer to calculate the approximate cost of the 'Silver' plan option offered. The primary factors driving the cost and tax credit subsidy amounts are the age of the enrollee, as well as household income and the number of family members living in the household.
A good insurance broker who is going to be affiliated with these new State based exchange programs should also be able to help you determine your family's rates also, especially as we get nearer to the first ever open enrollment season. They should also be able to determine what your approximate penalty would be for failing to enroll in qualified health coverage. The penalties for electing to go without coverage will increase every year through 2016.
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