How Will the Health Care Reform Act of 2014 Impact Your Medical Care?

Category: Personal Insurance

In March of 2010, President Obama signed the Affordable Care Act into law. Designed to be rolled over a four year period, the Health Care Reform Act will dramatically impact the way we shop for and purchase medical insurance. Understanding the pending changes to the law and how they will impact your coverage is a challenging, but important effort.

A Timeline of Events

According to the government’s health care website, the Healthcare Reform act will take effect in the coming months, with two key changes to health care coverage looming on the horizon, including:

• 2013: The Healthcare Insurance Marketplace will open, giving individuals and small business owners a new way to buy coverage. The competitive insurance marketplace was intended to offer full transparency of coverage costs, and will give buyers a choice of health benefit plans that meet certain benefits and cost standards. Open enrollment begins October 1st, 2013.

• 2014: In January of 2014, Tax Credits for Families will go into effect, making it much more affordable for individuals who are not offered employer-backed insurance to purchase coverage. The Tax Credit program is designed to help lower to middle class citizens purchase more affordable coverage; these individuals may also be able to obtain reduced copayments, co-insurance and deductibles.

How will these changes impact your coverage?

If you are covered under an employee-backed insurance plan, you may see little change to your medical plan. However, if you are an individual who is not offered coverage, or are a small business owner, you may see a significant change in the way you shop for, and purchase medical coverage.

Under the new plan:

• Your search for coverage should be easier: The Healthcare Insurance Marketplace should make it easier for you to compare your insurance options based on price, benefits and quality, all in easy to understand language. The Marketplace has been designed to help you know what you are getting, and to purchase your coverage with relative ease.

• You cannot be refused coverage: Under the reformed health care laws, insurance companies can no longer refuse to cover you or charge you more because of a pre-existing condition. More people will qualify for protection than ever before.

• You may be able to purchase coverage at reduced costs: The assistance programs contained with the Health Care Reform Act will help many people buy coverage that they would otherwise be unable to afford. More people than ever before will qualify for low-cost coverage programs.

Do you have questions regarding the Health Care Reform Act? Will the changes above impact your family? Share your thoughts.

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