Health care reform is set to move forward in the beginning of the new year, and health care exchanges or marketplaces will begin enrolling individuals in new policies as of October 1, 2013. These new policies will not come into effect until January 1, 2014 but individuals interested in signing up early will be able to. In fact, for the first year only, open enrollment will last through March 31, 2014. For small businesses, they will now be able to purchase their coverage through an online “SHOP”.
The major changes are that it is the law that you must have health insurance or you will be fined. Also, all enrollees will be accepted regardless of pre-existing conditions. Depending on an individual’s income, they may qualify for a subsidy where the government will pay a percentage of their premium as well as cost sharing of out of pocket expenses. All available health plans will have “essential health benefits” for emergency services, maternity, neonatal and pediatric care, outpatient and rehabilitation services, counseling and therapy, preventative and wellness services and prescription drugs. There will also be a catastrophic plan for those under 30.
Analysts have stated that health spending in the United States is expected to remain low in 2013 but will rise in 2014 as the effects of the Affordable Care Act are seen. Many high-profile companies have also announced their intent to shift their employees over to private health exchanges rather than offering benefits on their own.
For more information about the Affordable Care Act, individual and group health policies, and to get a quote, contact Stacy Baker at Stacy My Insurance Lady, serving Southern California.