Health Care Exchange Outline: What You Need to Know
The Affordable Care Act is fully active as of January 1, 2014. We’ve created a checklist to help individuals and families make the best decision when the Health Insurance Marketplace becomes available.
Who is Eligible for Individual/Family Health Care Exchange Plans?
- You are currently uninsured
- You currently have private insurance
- You are not eligible for coverage through your job
What are the New Exchange Plans?
Each of the plans below are the new metal plans which must include the ObamaCare essential health benefits:
- Bronze Plan: lowest monthly premium, highest out-of-pocket cost
- Silver Plan: 2nd lowest monthly premium, 2nd highest out-of-pocket cost
- Gold Plan: 2nd highest monthly premium, 2nd lowest out-of pocket cost
- Platinum Plan: highest monthly premium, lowest out-of-pocket cost
What do You do if You Already Have Insurance?
Depends. If you have been on your individual or family plan prior to March 23, 2010 it is considered grandfathered and you don’t have to do anything. However, if your plan is not grandfathered or you just want to switch into one of the new metal plans there are some things to remember:
- Check to make sure your employer is not required to offer coverage with ObamaCare
- Speak with your agent before cancelling your current plan
- More than likely you will have to wait until the end of your current insurance policy year before enrolling in a new plan
What you Need on Hand for New ObamaCare Plans
These are the items you should have ready when signing up for a new metal plan:
What to do before the plans kick in?
If you do not currently have health insurance there is no reason to wait. You can find a plan that is affordable now to help cover you for preventive services, doctor visits, and emergency care. For any questions about new plans or the Health Care Exchange call 800-930-7956 or contact Medicoverage.
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