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Health Insurance and Health Care Reform in 2014

Health Insurance and Health Care Reform in 2014

Health Insurance and Health Care Reform in 2014

The most important changes implemented by the Health Care Reform Act will come into effect from January 1, 2014.

These changes will have at least some effect on all personal and family policyholders and will also affect effective

Grandfather policies on or before March 23, 2010. For those previously rated or rejected for health insurance, now or

those planning to become pregnant and more than 400% of the federal poverty level There will be positive changes

for those on lower incomes (I will develop a worksheet to help determine if you are eligible for a subsidy). Negative

changes are for those with an average health rating and those under the health insurance spectrum (the 20s-30s).

Whether you are rejected or rated

Health Insurance and Health Care Reform in 2014

Health Insurance and Health Care Reform in 2014
Health Insurance and Health Care Reform in 2014

If you already have conditions, you are now in the sweet spot of health care reform. From October 2013, health

insurance companies will be able to start accepting applications for policies with effect from January 1, 2014.

These policies do not use health status or pre-existing conditions to determine benefits, denial, or charge higher

rates. Going forward, the only factors that contribute to your health insurance premium are the plan you choose,

your age, and tobacco use. I do not yet know how the existing effective policies will change, whether your rating will

be removed from your current policy or whether you will have to apply for a new policy to get rid of your rating.

I will know more as we get closer to the open enrollment period which starts in October 2013.

Maternity coverage

Health Insurance and Health Care Reform in 2014

From January 1, 2014, all new health insurance policies will automatically cover maternity if you are pregnant or

planning to become pregnant. It is not currently clear whether pregnant women will be covered.

However, depending on the language of the new policies about pre-existing conditions, I speculate that there

will be no waiting period for women who are currently pregnant and will receive dates in 2014 and beyond.

I will give updates as I am aware of the exact terms.

Health insurance subsidies

Health insurance policies sold through the NC Exchange are eligible for the subsidy from October 1, 2013, or later.

The amount of the subsidy depends on your income and you are eligible if your income is less than 400% of the

federal poverty level. Based on the income brackets, the premium you pay for your health insurance policy is

calculated as a percentage of your annual income. As mentioned earlier, I will create a calculator to estimate what

percentage of your monthly income a health insurance policy will cost you. Health insurance agents have the ability

to assist you in purchasing a policy through the exchange.

Young and/or favorable health rating

Health Insurance and Health Care Reform in 2014

Health Insurance and Health Care Reform in 2014
Health Insurance and Health Care Reform in 2014

If you are young and/or have a favorable health insurance rating, in almost all cases, you can expect a rate increase

in 2014. This rate increase is due to the shrinking difference between pre-existing coverage and young subscribers.

The benefit of coverage penalties for people who are not currently insured is to try to bring in healthier policyholders

and reduce this increase. Higher exemption plans are available for those who want to satisfy a health insurance mandate while reducing monthly premium costs.

There is a risk, however, that people with lower health care costs will be driven to companies with higher complaint

ratios, but will be given the coverage that can fulfill the order because those who are not in good health are more likely

to be attracted to health insurance companies that pay health trust. If a similar scenario occurs, the premiums of a

trusted health insurance company will be driven too high, which could even lead them to go bankrupt if they fail to

attract healthy subscribers. The tragedy in this type of scenario is that the bargaining Basement Health Insurance

Company tops the list for the fact that they did not do a good job of paying the claims.

Grandfather vs.

Health Insurance and Health Care Reform in 2014Non-Grandfather

If your health insurance policy was effective on or before March 23, 2010, and you have not made any changes to

your benefit level since then, you have a Grandfather plan. Grandfather plans are not subject to many health care

reform requirements, so if you are one of those who expect to see a rate increase due to upcoming changes, it makes

sense for you to stick to your current plan for now. If you are in your 20s or 30s, and/or have a very good health

rating with your current plan, you will probably fall into this category. However, over the years, Grandfather plans

have been subject to taxes of up to 40%, which has caused them to lose their appeal. When these taxes are applied, it makes sense to go into No. in almost all cases

Health Insurance and Health Care Reform in 2014
Health Insurance and Health Care Reform in 2014

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