1 Nov 2013
For those of you who are healthy enough to be approved by the insurance companies’ underwriters, it could very well be in your best interest to obtain a traditional (non-Obamacare / non-ACA) health insurance plan before January 1st. While the Affordable Care Act may still see some changes in the coming months and years, as of now January 1st is a key date which not only begins coverage for ACA standardized plans, but also begins the individual mandate.
The individual mandate is a key facet of the ACA where, starting on January 1st, anyone who is not exempt must purchase an ACA standardized plan or else be subjected to a tax penalty. However, anyone who has a traditional (non-Obamacare) major medical plan in place prior to January 1st 2014 is granted an extension through the end of 2014 to compare the ACA standardized plans, without penalty.
Comparing the premiums of ACA standardized plans to non-ACA plans, many people will save thousands in 2014 by purchasing a non-ACA plan before January 1st.
For example, my family of four has been insured with Assurant Health for the last few years. It’s good major medical coverage, with a high deductible, and we’ve been happy with it. Currently we pay $415 per month. If we were to switch our coverage to the ACA/Obamacare “Bronze” plan (the cheapest plan), our premium would be $952 per month (over double what we pay now). So obviously this is a “no-brainer” in our case: Stay with the plan we have through 2014, without penalty, and save around $6,000.
Additionally, a lot can take place over the next several months, politically-speaking, regarding ACA implementation. One scenario that could unfold is that Congress passes a bill allowing anyone with a non-Obamacare plan to keep their plan — perhaps for extended period (another year or two?), and perhaps indefinitely. Such possibilities further support purchasing a non-Obamacare plan now, while you still can.
AXS Health agents have been licensed and helping individuals and families purchase health insurance for years; long before Obamacare existed. And now, all AXS Health agents are ACA-Certified to offer the ACA Standardized plans as well. Our agents are happy to compare ACA plans and non-ACA plans for you, determine if you can qualify for non-ACA coverage, or if you can qualify for an ACA subsidy, and ultimately ensure that the health insurance plan you choose is the best option for you and/or your family.