Some Pertinent Points About Health Insurance With Obamacare!
The current year is hurtling to an end and the year 2014 is about to begin, which means that you need to think about health insurance cover. There seems to be some confusion about how health insurance can be bought and sold and as to how much it will cost you. Here are some points that will help in this regard.
- Health insurance- where are you going to get it? Insurance will continue to be bought as it is being done now. That is via employers of all types, public programs and individual coverage. The difference is that the large employers will be needed to provide coverage or face a fine. While some go ahead and offer coverage others may go with the fine if they think it is more viable. The good thing though is that you can buy your own coverage at the Health Insurance Exchange without doubts about being rejected or being given a policy that is not up to standards.
- If your employer does not provide coverage, where you should buy it? You can get it on the health insurance exchange, where the policies are standardized making for easy comparison. Massachusetts already has a format of Obamacare going on and this exchange is really functioning effectively.
- Pricing will be decided on 4 deciding factors and poor health is not one of the factors. Generally people want to know this about the cost of health insurance- that is whether it is going to cost more because of existing health issues. Well this is not a factor for deciding your premium for health insurance. The four factors that will determine the pricing would be:
- Age: Younger people will pay almost one thirds of what older people will pay
- Rating area: Folks living in high cost health areas will be required to pay more than those in low cost health areas
- Number of members in the family
- Use of tobacco: Those who are found using tobacco will pay one and a half times over that of what non-tobacco users. Since this is difficult to find and implement, plus may be considered discrimination, some states have not taken this factor into consideration.
- With the cost of health insurance go up? This would be dependent on what you consider high as per the income you have, the state you reside in and whether you presently have individual or group coverage.
- If your income is not that high, you will get help to pay for insurance. Depending on how below poverty level is, you will receive assistance. This is also dependent on the state policies
- The regulation of state insurance in the past will also affect this factor
- If you have group coverage then you receive more benefits and better coverage, but it is also more expensive. Individual coverage is not that strong thereby premiums may be lesser.
But do not despair; some good news in this regard is on the way.
- When do start shopping of health insurance? For coverage that is individual, the enrollment wills start from the first of October 2013. You should know that it is vital to purchase during the open enrollment period. You just cannot wait to fall sick before going for purchase of coverage. In case you have a major sickness you will be on your own till such time the next enrollment period comes around. You are better advised not to take this risk. It is always better to take care right now and ensure that all the bases are covered.