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Health

It is getting more and more expensive to be uninsured due to the escalating penalty. There is a maximum of 2 kids you can be charged for so a family of 4 in 2016 can pay over $2,000 penalty–and if they have any medical needs, that would be all out of pocket too. WIthout the penalty, the healthy will not purchase insurance. With the rising cost, many people may weigh their options and decide to pay the penalty anyway.

As the insurance professional, it is our job to help our clients make an informed decision. Check out this penalty chart below.

Hi, I’m Jackie Byrd and I can help you through the maze that is the new healthcare law. If you need underwriting help please contact me at:
Phone:(800)388-8342 x 306
Fax: (866)503-0864
The Affordable Care Act (ACA) created guidelines for a new kind of marketplace for health insurance.

What are exchanges?

Exchanges are online marketplaces where consumers can go to shop for health insurance. On these sites, consumers can compare the plans available to them and then purchase online. The official name has been changed from “Exchange” to “Marketplace.”

Who creates and maintains the exchanges?

• Each state has the option to create and operate its own exchange.
• If the state opts not to offer an exchange, a federal exchange will be available.
• Outside of the government, private exchanges may also exist.

Who can shop on an exchange?

The federal and state-based exchanges, for those states that choose to participate, will be available for small employers and individuals shopping for health insurance. Visit our exchange timeline to learn more about other dates key to the development and operation of exchanges.

Do exchanges help address the cost of health insurance?

For individuals who meet certain criteria, two new elements can help make health insurance affordable for them:
• Subsidies
• Tax credits

What kind of plans will be available on an exchange?

To participate on an exchange, health plans will need to meet specific criteria. While some of these are still being defined, here are the basics:

• Essential health benefits
• Network requirements
• Qualified health plan
• Coverage levels

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