Obamacare News Blog

Healthcare Exchange Checklist: 6 Things to do Now

The Patient Protection and Affordable Care Act, AKA ObamaCare, begins its Healthcare Exchange on January 1, 2014, however its open enrollment begins October 1, 2013 and ends March 31, 2014. We’ve made a checklist of things you should do now to be prepared.

1) Get Informed of New Metal Plans

There are 4 new metal plans ranging from lowest monthly premium: Bronze, Silver, Gold, and Platinum

2) Make a List of What is Important to You

Can I stay with my current doctor?

Will this plan cover my health costs when I’m traveling?

Which plan will be most cost effective for my upcoming surgery?

3) Understand How Insurance Works

Deductible: The amount you pay before your insurance provider pays toward your medical fees

Coinsurance: The amount you pay after you have satisfied your deductible until you meet your out-of-pocket max

Copayment: A fixed amount you pay after for medical services

Out-of-pocket: This is the maximum you will pay per year with your insurance (copayment, coinsurance, and deductible)

4) Set a Budget

Get your income paperwork in order to learn if you are eligible for Federal Premium Subsidies.

Learn if you eligible for Federal Cost-Sharing Subsidies.

Weigh out-of-pocket maximums with monthly premium costs to gauge which plan you can afford

5) Find Out if Your Employer Will Offer Insurance

This is especially important if you work for a small business, as there are new laws regarding Small Business Healthcare Exchange coverage.

6) Get Coverage Now

If you are without health coverage currently you do not need to wait until January 2014, there are existing programs in effect that have implemented many changes of the new law. To learn about your current health insurance options call 800-930-7956.

Conclusion
These are the main things you can do know to be prepared for the Exchange. For further questions in regards to the new Healthcare Exchange Contact Medicoverage.