The Affordable Care Act (ACA) has already started making changes for next year’s health care system. What it has done is expand the coverage for young adults to the age of 26 and allow them to stay covered under their parents’ plans. It also lowered the cost of drugs for seniors on Medicare and outlawed lifetime limits on what insurance will and will not cover. Brazelton Insurance Group wants you to be aware of these changes come the New Year.
These changes will not only impact patients but doctors and insurance companies as well. If you don’t already have insurance, you are going to be needing it come the new year. You will pay a penalty for not having it. Some may qualify for a federal subsidy depending on your income as a single person or for families. The two different types of subsidies are Premium Assistance Tax Credit & Cost-Sharing Assistance.
Premium Assistance allows you to pay less for healthcare through tax credits. Depending on how much you pay is based on your income. Cost-Sharing Assistance lowers your out of pocket and is also based on your income. Our insurance professionals will be able to help you out to determine which one will work best for you and your family.
Insurance Companies are no longer allowed to deny people with conditions or charge higher premiums because of this. Lifetime limits are not allowed and insurance companies are required to spend a certain percent of premiums on medical care. Administrative costs will be feeling this effect but will end up resulting in you paying lower premiums.
Any questions or concerns you have about the new ACA, contact Brazelton Insurance Group and we can help you prepare and get ready for your new insurance changes for the New Year.