The new health insurance exchange is going to be started up in 2010 when the American people will be required to have health insurance. The new health care law is made to experience health insurance more affordable.
Many company coverages offer heavy amount of premium that the emloyees experience difficult to pay. But now if you are offered large amount of coverage or if it is more than 9.5 percent of your income, you can go onto the health insurance exchange and buy subsidized coverage there. Similarly, if you get less than 60 percent of the medical costs, you will get subsidized coverage on the exchange.
If you are getting income that is less than 400 percent of the federal poverty level ($43,320 for an individual in 2010), to help pay your health insurance premiums, you could receive a subsidy. You will get limited cost-sharing of co-payments, co-insurance and deductibles, if your income is less than 250 percent of the federal poverty level.
The government will propose penalty for the people who don’t have health insurance by 2014. By 2016, the penalty will increase to $695 for an individual (or up to $2,085 for a family) or 2.5 percent of household income, whichever is greater. Based on the cost of living, after 2016, those amounts will be adjusted every year.
There is one point that must be mentioned that if you experience financial hardship, then you may get excuses from having health insurance. More over if your income is below the tax filing threshold, you won’t have to buy health insurance.
Many company coverages offer heavy amount of premium that the emloyees experience difficult to pay. But now if you are offered large amount of coverage or if it is more than 9.5 percent of your income, you can go onto the health insurance exchange and buy subsidized coverage there. Similarly, if you get less than 60 percent of the medical costs, you will get subsidized coverage on the exchange.
If you are getting income that is less than 400 percent of the federal poverty level ($43,320 for an individual in 2010), to help pay your health insurance premiums, you could receive a subsidy. You will get limited cost-sharing of co-payments, co-insurance and deductibles, if your income is less than 250 percent of the federal poverty level.
The government will propose penalty for the people who don’t have health insurance by 2014. By 2016, the penalty will increase to $695 for an individual (or up to $2,085 for a family) or 2.5 percent of household income, whichever is greater. Based on the cost of living, after 2016, those amounts will be adjusted every year.
There is one point that must be mentioned that if you experience financial hardship, then you may get excuses from having health insurance. More over if your income is below the tax filing threshold, you won’t have to buy health insurance.
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