The year 2013 is flying by and early 2014, you will be enquired to purchase mandatory health insurance coverage. There presents a significant confusion regarding how people will buy and sell insurance, as well as its total cost. A mandated health insurance refers to a situation whereby everyone is mandated or expected to buy health insurance. This is the common term that the current reform legislation in health insurance uses, which Obama administration introduced. This post will discuss some quick facts you require to know in order to prepare for a health insurance change.
Interesting facts regarding mandatory health insurance
One of the major contentious issues in the current politics in U.S relates to the fact that the federal requirement of healthcare indicates that everyone should buy a health insurance. Failure to buy insurance the citizen is expected to pay a significant amount as penalty. Those who support the idea argue that mandatory health insurance is significant towards making health care more accessible and affordable to every citizen.
Where to get a health insurance is the initial fact. Insurance coverage will be bought exactly a similar place that people usually buy insurance now – via small employers, public programs, large employers, or individual coverage. The vital distinction is that a large employer will be mandated to pay a penalty or offer coverage.
Well, some of the employers will consider the essence of providing coverage whereas come will decline because the penalty is affordable. The great news is that in case the employer fails to provide insurance coverage, an individual can buy her/his own with no fear of getting an imperfect policy or being turned down.
In case your employer fails to provide insurance coverage, where will the employee buy it? You can buy a mandatory health insurance on the insurance exchange. You will acquire standardized policies. Therefore, you will have an easy way of comparing these policies.The price of health insurance depends on four factors, although a poor health condition is not one of them. The leading and popular question that people ask is the total cost of mandatory health insurance. For instance, most citizens worry about the amount they will pay especially when they have a medical condition. Well, if you are one of them, you should know that your medical condition is not factored into insurance premium. However, the premium will depend on age, rating area, number of family members and tobacco use.
An older person will pay an amount that is equivalent to 3 times more than the amount that a young person will pay. More so, a person who resides in a high cost health location will pay a higher premium than those who reside in a low cost health location. On the other hand, if you use tobacco you will pay up to 1.5times that of a non-tobacco user.
Apart from the premium cost, your next worry will be whether the insurance cost will be extremely high. The extremely high depends on your current residential state, whether you have an individual or group coverage and your current income.The time that you will shop for mandatory health insurance is our final fact. If you want an individual coverage, then the open enrollment begins on October 1, 2013. Therefore, you should shop during the open period for enrollment.
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