A couple of posts ago, I wrote about the Affordable Care Act of 2010. I didn’t expect we would have an answer so soon. As you probably know, the Supreme Court upheld the ruling that mandating health insurance coverage is constitutional.
So what does the Affordable Care Act mean for you?
- All of us must have medical insurance starting in 2014 or face a penalty tax of $95 or 1% of your income, whichever is higher.
- Parents can cover their kids under their BCBS health insurance plan in North Carolina until they are 26 years of age
- If you have no coverage, you will have to get insurance quotes and buy health insurance from an independent agency by 2014
- Low income earners can qualify for Medicaid if you earn 133% less than the federal poverty level (currently $14,856).
- If you earn up to 400% of the poverty level ($44,680) and you don’t have health insurance from your job, you may be eligible for federal help to purchase a health insurance plan
- Federal tax credits are available to businesses with up to 25 employees if they want to provide health insurance coverage
- Businesses with 50 or more employees must offer health insurance to them
- Over 200 employees? Health insurance enrollment in the company’s health care plan is mandatory
- Finally, by 2014 no one can be denied health insurance coverage because of a pre-existing condition
This means a lot of different things to a lot of people, and there are three variables that will affect each person’s opinion and use of the health system: Job security, your health, and finances.
A mother or family with a chronically ill child requiring continual care will certainly feel different than a healthy 30 year old who doesn’t think he needs health insurance, and is made to pay the government tax.
What do I believe? Since I’m a cancer survivor, it is comforting to know that Blue Cross Blue Shield will not deny me coverage, and that my out of pocket costs for deductibles and co-payments are capped at 30% of the total cost of my insurance.
Politics aside, we will have a long way to go before the problems in health insurance quotes, coverage and implementation are resolved. No plan will ever be perfect. Do you think we’re closer now? Call me if you want to understand how your health insurance quote may change based on the Supreme Court’s ruling. I can help you compare plans and know your options for the best coverage and costs available. Blue Cross and Blue Shield of North Carolina has innovative programs, and wants to help decrease the costs of our health care system. I love helping people, and would love to help you find the best insurance match for your family.