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Top 6 Changes for Health Insurance With the New Affordable Care Act

Most Americans have already heard that 2014 is bringing major changes for health care and insurance coverage. The brand new Affordable Care Act, also known as “ObamaCare,” has been slated to go into effect on January 1, 2014. When it does, there will be six changes you’ll notice right away.

Everyone Gets Coverage Regardless of Pre-Existing Conditions

With the way the current health insurance program has been set up, if you have a pre-existing health condition, or if your family history suggests you could develop a future health problem, you will find it very difficult to get health insurance. When the ObamaCare system goes into effect, insurance companies will no longer have the right to deny you coverage.

Preventative Health Care is the Priority

The tests needed to prevent future health problems can be quite expensive, often costing more than some individuals can afford to pay, especially if they’re dealing with an insurance company that doesn’t feel any need for preventative measures. The Obama Health Care system will change that. You’ll be encouraged to get tests done based on a set of standards developed by health care professionals. Insurance companies won’t be allowed to deny your preventative health insurance claims.

New Insurance Plan Categories

The new standards of health care will be classified into four groups: bronze, silver, gold, platinum. Each of these colors refers to a different level of health care coverage. The Bronze Plan is the cheapest and the Platinum Plan is the most expensive. All the plans offer the same quality of care, but they do have different deductibles, which cause the prices to vary from one plan to the next.

Changes to Medicare

The current shrinking doughnut hole gap in Medicare will gradually disappear as the new Affordable Care Act begins. Seniors that rely on Medicare to cover the cost of their prescription medications have found the shrinking doughnut hole gap very confusing and frustrating. For many seniors, it was severely limiting the amount of money they tried to survive on each month causing hardship. If left unchecked, it was anticipated that the doughnut hole gap would have reached $6,000 per person by 2020.

Get Insurance or Get Fined

Those who live on a severely limited income could find themselves facing stiff tax penalties if they don’t purchase health insurance. The good news is that the government does seem to be trying to help out. Yes, they want everyone to have selected and purchased a health care plan by 2014, but they have created some tax breaks for those who do. They’ve also created different levels of insurance to help make things a bit more affordable for people living on a fixed or low income that aren’t eligible for health insurance covered by their employers.

Tax Credits to Reduce Your Insurance Premium

Most people don’t realize that the ACA won’t cost as much as they think. The government has created several subsidies that will help offset each individual’s out of pocket expense. The maximum eligibility for individuals is $45,960, while a family of four has a max of $94,200.



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