When does my health insurance start?
No one can take away the emotional pain that arises from the suffering resulting from deteriorating the health of a loved one. It could be your child, your mother, brother or even a close friend.
The idea behind health insurance is to take care of the medical expenses for a covered condition. That’s good, right? It’s one less thing to worry about.
The pain of having to lose a loved one because you couldn’t afford to pay for the medical bill is unimaginable. Therefore, health insurance at any level is critical. And if you happen to have any dependents, having health insurance is a good way to ensure to protect them from financial anguish in case things take an unfortunate turn.
Insurance gives you security, peace of mind, and legal protection; enter your zip above to find the best cheap health insurance plans on the market that give the essential coverage you need.
How old do you have to be to buy health insurance?
Technically, the optimal age for purchasing a health insurance coverage is right after the birth of a child. There’s no single period in an individual’s life are they more susceptible to a wide array of health complications than during their childhood.
Parents should ensure that their children are always fully covered, especially during early childhood.
When shopping for health insurance, keep in mind that low premiums and low deductible translate to higher out of pocket cost in case of illness.
Consider your options, the potential risk of a hefty out of pocket expense or smaller monthly premiums, before settling for a plan. Don’t forget all these factors when comparing policies from different insurers.
Affordable Health Care Act
Popularly referred to as Obamacare, the Affordable Care Act (ACA) requires every American citizen to carry a minimum amount of health insurance or be subjected to tax penalties. Individuals might be exempted from the tax penalties if they were unable to acquire health insurance due to financial hardships or similar unique situations.
The federal healthcare marketplace was founded under the ACA.
Individuals and small companies can shop for affordable health care plans in the platform. Low-income American citizens have access to subsidies that help them obtain coverage through the marketplace.
The ACA also led to the birth of a government program that offers life insurance to very low-income individuals known as Medicaid. The program is, however, only available in participating states.
ACA allows dependents to remain under their parents care until they are 26 years old. The act also prohibited health insurance providers from denying coverage to patients with pre-existing conditions. The Patient Protection and Affordable Care Act was signed in 2010 by President Barrack Obama.
Getting Health Insurance in America
There are two primary ways to obtain health insurance in the US. The Affordable Healthcare Act passage into law back in 2010 stipulates that all American citizens ineligible for group coverage through their employer sign up for individual plans in the marketplace, except for Medicaid and Medicare beneficiaries.
Failure to have the minimum form of health insurance will result in tax penalties.
The ACA also requires all companies exceeding 50 employees offer health insurance. If you miss the open enrollment due to a difficult situation or an important family event, you can still purchase coverage via the special enrollment period.
If you miss the open enrollment due to a difficult situation or an important family event, you can still purchase coverage via the special enrollment period.
Coverage options are provided through the marketplace and are rated by geographical locations, smoking status, and age.
Available coverage options are known by bronze, silver, gold and platinum tiers. The Platinum level is the highest and comes with less out of pocket costs, richer benefits, and slightly higher premiums.
Make a comprehensive comparison of these plans and make sure you are adequately protected. Individuals with no proof of coverage are required to submit to the IRS and potentially face tax penalties amounting to about $300 for every uninsured person.
Unless they exceed 10 percent of their taxable income, individual marketplace plans are not tax deductible. Individuals are supposed to self-report while filing taxes.
Obamacare requires employers to offer health care to certain employees. Employer health insurance must meet the ACA’s minimal essential coverage (MEC).
The amount evaluates the value of the benefits, co-pays, deductibles as well as other member liabilities.
Failure to comply with minimal essential coverage requirements can cause a lot of problems for an employer. Failure to meet employees’ minimum value standards or affordability in coverage will result in penalties.
Employers must cover at least 95 percent of all their employees to meet the minimum essential coverage, and that’s ‘substantially all’ employees. Premium payments required by employers from every employee should not exceed 9.66 percent of the lowest earning employee.
Gap plans or short-term health insurance plans are insurance policies meant to provide coverage for a short period of time, usually between 1-12 months.
Gap plans have seen a tremendous increase in popularity in the United States because they are cheap and convenient. They are easy to obtain, sometimes, you get approval as soon as you submit your request.
In the case of a medical emergency or procedure, gap plans are an alternative to going uninsured and protect you from financial devastation.
They cover arising unforeseen medical costs, but they don’t protect you from tax penalties for going uninsured since ACA doesn’t recognize short term health insurance plans.
Find Coverage, Stay Secure
Health insurance is a necessary coverage for any individual at all times.
Shop around, compare quotes from multiple carriers and get the right policies in place before you get to your later years where you’ll need more coverage to do anything that involves slightly heavy lifting.
Regarding matters retirement, start planning early to ensure a smooth transition and save some costs in the process. And remember, when shopping for any kind of insurance, comparison is key!
No matter what kind of health insurance you need, we can help you find it. Enter your zip below and answer a few questions to get matched with the best providers that match your needs!