The main reason that Americans go bankrupt is because of unpaid medical bills. Most of these people carried Health insurance, but didn’t have enough coverage. It’s your health, and as a consumer, your responsibility, to look out for yourself.
As of next January 1, the Patient Protection Affordable Care Act (PPACA) will require all adults to buy a Health policy or face a tax penalty, The penalty for not carrying insurance in 2014 will be the higher of $95 a year per person or up to 1% of annual income. Starting in 2016, this will rise to $695 per individual or 2.5% of annual income, whichever is higher. For families, the penalty will be capped at $285 in 2014, rising to $2,085 or 2.5% of household income in 2016.
The good news: as of October 1, 2013, online Health insurance marketplaces or “exchanges” in every state will open their virtual doors for business, selling coverage that will take effect on January 1. What’s more, individuals and families with incomes between 100% and 400% of the federal poverty level who buy through these exchanges will receive subsidies or tax credits on a sliding scale to help pay for premiums.
These marketplaces will offer a variety of Health coverages, and the tax credits or subsidies can help you afford a level of care that suits your needs.
Don’t wait to be told to buy insurance. Start looking at your options now! As an early adopter, you’ll be more likely to find a plan with a better rate, one that saves your wallet, and – should you ever need it – your health, as well!
For more information, please feel free to get in touch with on of our Tracy-Driscoll health insurance specialists to answer any questions you might have on the new laws at (860) 589-3434.