Affordable Care Act, changes you need to know!
By Christopher Levesque
For 2019, the Government has decided to remove the penalty for not having a qualified health plan. A “Qualified Plan” meets the 10 essential benefits described by the Affordable Care Act (ACA).
One of the failures of the ACA is the projected reduction in the cost of individual plans has not occurred. Studies show that 50% of the population accounts for 97% of health costs. The other 50%, being young or healthy people and with no penalty looming, may opt out of buying coverage. With lesser numbers of healthy people in the pool, the insurer will have to continue to raise costs. The average increase for 2019 for most individuals will be 10%.
When will it stop?
It’s more important now than ever to understand your options in choosing your health insurance coverage for a “qualified plan”.
- You need to compare coverages and deductibles.
- Review the carrier networks
- Make sure the provider you plan to see is in “network.
If you are self-employed I recommend you look at a Health Saving Account (HSA) plan. These plans usually cost less, offer a tax break for the savings account portion of the plan and have a lower out of pocket maximum in the event of a major health occurrence.
For those not certain about a 2019 “qualified plan”, perhaps a short-term major-medical program may be your best option.
You can check the 10 benefits out at: https://www.healthcare.gov/coverage/what-marketplace-plans-cover/
Don’t forget that open enrollment is November 1st – December 15th.
Christopher has been helping Individuals and families with their health insurance needs for over 15 years. He lives in Beaverton and is a partner in Insurance Partners NW. Questions? Contact me at 503.372.5621