AFFORDABLE HEALTH CARE ACT OPEN ENROLLMENT NOV. 15 – FEB 15.

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YOU DON’T NEED IT UNTIL YOU DO!

Most of you know that we are currently in the Open Enrollment period for Individual Medical Insurance under the rules step forth by the Affordable Healthcare Act also known as Obamacare

Today I had a conversation with a customer who was complaining that they did not have money to pay for nothing; IE medical insurance.  Now I had to admit that she was until now a healthy person with no significant medical issues.  So in many ways I understood her point.  I even felt that way, until I had a major medical challenge.  A challenge that cost me 2 weeks in the hospital, a challenge that would have cost over 100K , if I had not had insurance.  A challenge that was unexpected (as if it is ever expected), I mean I exercised, took vitamins, not overweight, etc.

   

Now I have been in the Medical Insurance business for over 20 years, but it wasn’t until my medical challenge that I truly understood the reason for Insurance. 

Basically you pay for insurance when you don’t need it so you will have it when you do.   Until you have a need you feel like you are flushing money down the toilet.  But then one day you have a need.   Since we are all getting older the likely hood we will have a need increases every day. 

Under the Affordable Healthcare Act affordable means 9.5% of your income.  Which for many people is considerably less than they were paying, but still a significant payment.  Still it is the LAW and failure to have coverage will result in an IRS penalty, and this penalty increases every year. 

2014               $95 per adult and $47.50 per child (up to $285 for a family) OR 1% of income, whichever is greater

2015               $325 per adult and $162.50 per child (up to $975 for a family) OR 2%of income, whichever is greater

2016               $695 per adult and $347.50 per child (up to $2,085 for a family) OR 2.5% of income, whichever is greater

 2017+            Tied to inflation

Now the cool thing about Obamacare is that your premiums are based on your income.  If your income falls below 400% of the federal poverty level,  you payments are reduced.  The less you earn the less you pay. 

Persons in family/household* Poverty Guideline

                                                (400% FPL)

1                                              $ 45,960                       

2                                              $ 62,040

3                                              $ 78,120

4                                              $ 94,200

5                                              $110,280

6                                              $126,360

7                                              $142,440

8                                              $158,520

So basically there is really only one question you have to answer.  Do I get medical insurance on the WaHealthplanfinder.org website aka The Exchange or do I get my insurance somewhere else. 

Well if your Adjusted Gross Income (AGI), line 37 on your tax return, is below 400% of the federal poverty level, then you should go to the exchange.  You can select me as your broker where I can provide assistance and discuss your different plan choices.  If your income is more then, you may want to use my website,  www.ALLSTARFinancialInsurance.com were you can enroll directly with the different insurance companies.  Most companies available on the exchange are also available direct, but it is so much easier direct. 

In either case I am happy to help you obtain the coverage you want, need and are required to have.