ObamaCare Final Rule on Minimum Essential Coverage
Blue Cross Blue Shield just released the “final rule” filed by the U.S. Department of Health & Human Services. This discusses the two notices issued by the IRS in regards to minimum essential coverage under ObamaCare. Which just means that each plan must meet certain standards set out by the federal government, who is exempt, and which plans are included.
New Metal Plans and Minimum Essential Coverage
As of January 1, 2014, the majority of Americans whether citizens or legal residents must have health insurance or pay a federal penalty. The new Exchange plan are called: Bronze Plan, Silver Plan, Gold Plan, and Platinum Plan and must offer ObamaCare essential health benefits.
Types of plans that qualify through on or off Exchange purchases are job based insurance, individual or family insurance, Medicare Part A, Medicaid, Children’s Health Insurance Program, and Veterans Administration and TRICARE.
Minimum Essential Benefits Final Rule
- Allows for exemptions from the individual penalties for hardship and religious reasons.
- The IRS acknowledges self-funded health insurance plans, foreign health coverage, Refugee Medical Assistance supported by the Administration for Children and Families, Medicare Advantage plans, AmeriCorps coverage, and state high-risk pools as minimum essential coverage for 2014. See next bullet for 2015 changes.
- Self-funded student health and state high-risk pools will not be automatically considered minimum essential coverage after 2014.
No Need to Wait for Exchange to be Insured
With all the new plans coming out some people are waiting to get coverage, but there is no reason to. Many health insurance plans purchased now allow for you to stay on them until December 2014. This gives you time to suss out which Exchange plan is right for you without feeling rushed.
For any questions about the new Exchange Plans or for current plans call 800-930-7956 or contact Medicoverage for assistance.