Finances – The New Health Marketplace

Come this October 1st we will have to find insurance or be faced with more taxes next year.. Those who do not purchase a plan will pay at least $95 or up to 1% of their income for 2013 when filing faxes. That fee is expected to be higher in 2014.
The average full time worker will most likely have their insurance through work. Those over 65 will be eligible for Medicare. Small businesses pay for their own insurance. Those who could not afford insurance before will be able to do so under the Affordable Care Act.

The insurance plans coverage will go into effect January 1, 2014. This would help those in the age bracket of 50-64 who have a hard time getting coverage or have a preexisting condition. The online site will be available in October and will allow you to find out if you are eligible for Medicare or a tax credit to assist in paying for premiums.

Those who use the exchange health care policy will see that it varies from state to state. There will be four levels of coverage – bronze, silver, gold, and platinum. Each plan will have the 10 basic elements of the health care benefits which include- prescription coverage, preventive services, hospitalization, mental health, & rehab care.

If you’re single with income of up to $45,590 or married couple with combined income of up to $62,040, your premiums will be set as a percentage of your income and you may be eligible for a tax credit. Washington’s intent was for you to simply pick a plan. The hope is that the health exchange will enroll 7 million people by 2014 and another 24 million by 2016, this estimate is from the Washington Budget Office.

This insurance exchange will help the elderly with flexibility in the selection of a plan, help with financial assistance and allow for more options than ever before. If you’re self-employed, retired, or changing jobs there is no more worry of not having health insurance coverage available. The Healthcare.gov website provides a checklist to assist you with new Health Insurance Marketplace.