Whether you have Health insurance through your employer or you’re self-employed and buy it on your own, the Affordable Health Care Act (ACA) will impact you starting next year – when almost everyone will have to have some form of coverage. As of October 1, small businesses and individuals can start enrolling in 2014 Health plans offered through government-run state health exchanges (“Health insurance marketplaces”).
If you work for a major corporation, your coverage probably won’t change that much. However, the ACA will require businesses with 50 to 100 full-time employees to shop on state exchanges, or pay a penalty, which will let them offer their workers more Health plan choices and lower prices (Companies with fewer than 50 employees will be exempt from this requirement).
Businesses can also give workers subsidies to purchase their own policies. If your employer doesn’t offer a Health plan, and won’t be doing so next year, you’ll be able to buy coverage through your state exchange.
If you’re self-employed and already have Health insurance, you’ll also be able to shop through the state exchange; or, if you like your current policy, you can keep coverage.
Depending on your earnings, you might experience major sticker shock. People who earn up to 400% of the poverty level can receive a government subsidy to help offset health premiums. However, if you earn more than this, rates will probably increase significantly – not to mention the skyrocketing costs of medical care!
Health care premiums for individuals will depend on a number of factors, including: 1) an increase in mandatory benefits; 2) abolition of coverage exclusions based on “pre-existing conditions”; and 3) guaranteed renewal. Our Health insurance specialists can help you find the plan that’s best suited to your needs – and your pocketbook.