Major Medical

Change is upon us.  With the new Health Care Law, there will be many changes beginning in 2014.

Guaranteed Issue:  You can no longer be turned down or rated based on health conditions.

Health Exchanges:  Beginning October 1st you will have an option to select a plan from an insurance Exchange.  The State of Ohio has elected to utilize the Federal Exchanges.

Individual Subsidies:  If your household income is between 100% and 400% of the Federal Poverty Level you will qualify for a subsidy.  For example, a family of four with an income of $46000 would pay no more than $235/ month for health insurance.  If your household income is less than 250% of Federal Poverty Level you will also be subsidized by reduced out of pocket costs, such as deductibles and coinsurance.

Individual mandate:  Everyone will be required to have health insurance or pay a penalty.  This starts at $95 per individual, $285 per family or 1% of income in 2014.    That rises to $695 per individual, $2085 per family or 2.5% on income in 2016.

Almost any sort of legitimate coverage will satisfy the mandate, including private insurance purchased on your own.

Medicaid Expansion:  Each state will decide on whether to expand Medicaid.  This would allow households  for greatly reduce costs for households between 100 and 133 percent of poverty level.

The bottom line is you will still have choices.  SeniorCare Financial has individual Health Insurance plans from nearly all the major carriers.  Because rates are mandated by law no agent can offer you a better rate than another for the same plan in the same state in the same zip code.

One very affordable option would be a Healthcare Savings Account compatible Major Medical Health Plan.  For more information on how HSA plans can save you money and provide better coverage  click here!

If you are planning on utilizing one of the exchanges a Short Term Medical Plan may be a good option.

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For more information contact Ted Ratliff at SeniorCare Financial Services 877-546-7441 or email us at ted@seniorcarefinancialservices.com