Even if you’re healthy now, sooner or later there will come a time when you will need health insurance. Lack of coverage can result in large financial setbacks and worrying about the cost of your care is the last thing you want to do when faced with injury or illness. Expanding your options for health insurance and making them more affordable is one of the main objectives of the Affordable Care Act.
Top Things to Know for Healthy Individuals
- Insurance companies can no longer drop you when you get sick just because you made a mistake on your coverage application.
- Parents have new options to cover their children. If you have children under age 26, you can insure them if your policy allows for dependent coverage. The only exception is if you have an existing job-based plan, and your children can get their own job-based coverage.
- Job-based health plans and new individual plans are no longer allowed to deny or exclude coverage to any child under age 19 based on health conditions, including babies born with health problems.
- Starting in 2014, if your income is less than about $43,000 for individuals or about $88,000 for a family of four and your job doesn’t offer affordable coverage, you may get tax credits to help pay for insurance.
- Starting in 2014, if your employer doesn’t offer insurance, you will be able to buy insurance directly in an Exchange that gives you buying power similar to large businesses and members of Congress.
Individuals with Health Conditions
If you have a health condition, you know how important having health insurance is and how expensive it can be. Worrying about where to get coverage and the cost of your care is the last thing you want to do when you are dealing with chronic illness.
Top Things to Know for Individuals with Health Conditions
- Under the health care law, if you have been uninsured for at least six months and have a health condition, you may be able to get health insurance through the Pre-Existing Condition Insurance Plan.
- If a new insurance plan doesn’t pay for services you believe were covered, you now have clear options to appeal the decision.
- Insurance companies can no longer drop you for making a mistake on your coverage application.
- Starting in 2014, job-based and new individual plans won’t be able to exclude you from coverage or charge you a higher premium for a pre-existing condition, including a disability.
- Starting in 2014, if your income is less than about $43,000 for individuals or about $88,000 for a family of four, and your job doesn’t offer affordable coverage, you may get tax credits to help pay for insurance.
- In 2014, the use of annual dollar limits on essential benefits like hospital stays will be banned for new plans in the individual market and all group plans.
Here are two great resources for more information:
From grants to new services and programs, find out how the Affordable Care Act is affecting you where you live: http://www.healthcare.gov/law/resources/index.html
PCS Client Services Team
Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.
Tags: Affordable Care Act, Affordable Care Act Resources, Affordable Health Coverage, Affordable Health Insurance, Dependent Children, Employee Health Insurance, Employee Insurance, Employer Sponsored Health Insurance, Health Care Law, Health Insurance for Adult Children, Health Insurance for Dependent Children, Health Insurance for Dependents, Individuals and the Affordable Care Act, Insurance Exchange, Job Based Health Plans, Payroll Control Systems, PCS, Pre-Existing Condition, Pre-Existing Conditions