We’re halfway through July and more than halfway through 2013. Not that anyone is rushing, but October is right around the corner, and that means one thing for those of you thinking about health insurance: the Affordable Care Act will be official law.
This means that everyone will be required to have health insurance in 2014. On October 1, 2013, Americans can begin shopping for individual coverage. Although the way that you shop for insurance – either through your employer, individual coverage or public programs- will not change, many other parts of health insurance will change, beginning with the cost.
According to a report by USA Today, medical claims costs will jump an average of 32% for Americans’ individual policies under the new Affordable Care Act.
• Some states may see a decline in medical claims costs. However, many will actually see an increase in costs.
• By 2017, it is estimated that an increase of 62% could be possible for those individuals in California.
The good news is this, there are measures being taken to be sure that access and affordability are considered for everyone. You will be able to obtain healthcare, and you will be able to afford it. One of the ways that the government is doing this is by altering the criteria for the cost of health care.
Health insurance premiums will no longer be based on current health.
Instead, these are the four factors that the pricing of health insurance will be based on under the Affordable Care Act:
1. Age: the older you are, the more you can expect to pay
2. Rating area: the cost of health care where you live
3. Number of people in your family
4. Tobacco use: tobacco users will pay up to 1.5 times more
You have until October to begin shopping for individual health insurance under the new law, but we are ready to help you now- all you have to do is give us a call!