The Health Insurance Marketplace is coming soon! Are you all set to go shopping? The mandate requiring most individuals to get medical insurance switches into influence on January 1, 2014 and the Marketplace will undoubtedly be up and running on October 1, 2013. After March 31, 2014 those that haven’t purchased medical insurance will have to wait before the enrollment period for the following year.
The Affordable Care Act (ACA) has recently provided benefits such as for example you can forget limitations on pre-existing conditions, free services such as for example vaccinations for children and contraception, and allowing young adults to keep on the parents’medical insurance plans until the age of 26.
But what if you’re under 30 and healthy? Would you really should find medical insurance? What the law states is clear: If you may not purchase medical insurance you’ll pay a fee: $95 the very first year per person but should go around 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, you will find risks involved and you will find methods to minimize the cost of your quality of life insurance so that 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 look at this at all? These plans provide a safety net for surprise serious injury or illness. If you don’t purchase medical insurance you pay the fine along with any healthcare expenses you incur, which may be steep. A hospital stay due to an incident can run as high as $30,000 and medical costs 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 used for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you may be proactive and take action you could have never done before: Go out and have the tests you would like that meet your needs. HSAs can be used for informational tests that you may want to incorporate on to supply baseline data for future reference or track potential or current health problems that you know might cause you problems down the road. If you choose to opt for a higher deductible or consumer-directed plan, you will have to become a smart healthcare shopper when selecting tests and services, and definitely not go with your doctor’s lab.
If you are healthy and over 30, the Marketplace provides 4 options with varying premiums and deductibles. Whenever choosing your quality of life plan look at your overall health. If you don’t require many doctors’visits, a high deductible plan may be right for you, but when you or a family member has any medical challenges, the high deductible plan may cost you more in the long run.